You're right. And before people chime and say
but the billionaires don't have the wealth, because if you add up their wealth, it's a small fraction of the problem!
we need to realize a few things: the billionaire oligarch ultra-wealthy folks (the top 0.1% or so ~ those with hundreds of millions of dollars or equivalent, or more) choose to allocate huge amounts of wealth to frivolities (yachts, etc.), which in turn sucks away resources from real concerns (food, housing, health care, the environment, elder care, education). We live in a world with finite resources and the allocation of those resources matters. There is a zero-sum element at play. In addition, the uber-wealthy control the major global media and also the major political parties, which means that the uber-wealthy control the national discourse & the allocation of national wealth. We need to push back against the ultra-wealthy or else we will be left with a mere pittance. They will call this pittance "basic income," and it will be bare-minimum subsistence living, scraping-by survival income.
Don't be surprised if attempts to tax the wealth of the ultra-ultra-wealthy will be met with a deluge of articles in the news media about how it can't work, won't be done, etc. Tax wealth, not work!