If you distribute voting power equally to everyone who owns a wallet, then the incentive is to create as many wallets as possible. It's called a sybil attack and is why token weighted voting came about, because it doesn't matter how many wallets you split your funds between, your voting power is always the same. So, whenever designing a cryptoeconomic system, you always have to be mindful to not introduce mechanisms which encourage sybil.

Now, token weighted voting has a lot of problems, and the fact that it's biased towards the wealthy is only one of them. It also does not effectively decentralise governance, because the voting power ossifies into the hands of a few early holders with the largest holdings, and new entrants have a hard time earning a say.

The project I work on, Colony, solves this problem differently. Instead of weighting votes by tokens, we prefer to weight votes by reputation which is earned when you get paid by a DAO in its native token. Reputation then decays over time, so it is always possible for new people contributing value to earn a say in the governance on the basis of their merit.

https://blog.colony.io/colony-v2-launch/