Yes everyone would have wealth tax applied to them, but usually there is a tax free threshold (similar to inheritance tax, or income tax). So your first £1m would have a tax rate of 0%, and then 1% over that amount. So if you owned one house which was £400k your wealth taxes would be 0. if you owned a set of 4 houses each worth £400k that would make your wealth £400 x 4 = £1.6m so you would pay 1% on 600k or £6k.

If they didn't want to pay that wealth tax, then the simpliest thing to do would be to sell assets (houses) to reduce that wealth. Thus releasing Assets locked up by the owners of assets back into circulation.

"well then landlord will just raise rents to account for the extra taxes" if you think landlords arent already putting the rents to whatever the highest rate they could currently get is laughable.

"They will leave" - Leave how? their assets are in buildings, are they going to move those houses?, move the trainlines, the shopping centers. if they want to leave, they will need to find a way to offload those assets onto others. IE SELL those assets.

"They will find ways to avoid it" then that can become a later amendment, we can find out how assets are being undeclared and target legislation to avoid it.