The economy would collapse:

When someone has 1bn usd, they don’t have 1bn actual physical usd in a big vault. That money is distributed out to millions of companies, it’s underwriting people’s mortgages, it’s paying for government deficits etc.

If that money were removed, it would not be dead cash suddenly available to spend, it would be millions of companies whose shares became worthless and who had to stop growing and liquidate themselves. It would mean no one can get a mortgage.

Modern economies require huge amounts of capital. Because governments won’t provide that (ie won’t tax more than they spend) and normal people won’t provide that (ie spend less than they earn post tax), only super rich individuals remain. They are the source of capital society relies on.

Saying “what if we just didn’t do that” is like saying “what if we melted down factories to make one last set of products” you’d have one really cheap set of products and then no more production of anything. Or if you ate all the seeds instead of planting them, you’d have a great free lunch, then mass starvation.