Take the Russian oligarch Yevgeny Prigozhin for example, he did in fact have his own mercenary army. Turning on his president did not end well for him.
This straw man doesn't merit falsification. Nobody claims wealth alone gives political power. Wealth applies leverage to all endeavors, but political ends still require strategy and operationalization. It's just a lot easier with a couple trillion dollars, vs. a single individual vote once every couple of years.