Great post, though I will say I know and have known a lot of wealthy people so when you say

They don't actually control a billion dollars (because holding fiat is stupid). Rather they control stocks, bonds, real-estate, commodities, and other non-fungible assets (aka property).

this is both true and false.

Take Elon Musk, people say "he isn't actually a billionaire, he doesn't have that money to spend it is all locked up in Tesla blah blah".

It's a misunderstanding of how wealth works at that level.

If I have a million dollars value in Tesla stock I could go to my bank and ask for a $600,000 loan at very favorable terms, easily - and with a better relationship yada yada, a much more favorable deal than that.

"Buh Buh debt is bad!?" no it isn't, bad debt is bad.

Now Mr Stock holder has the stocks AND liquid cash.

And it is tax-free.

Unlike if he sold those stocks to get liquidity, where tax is owed. Loans are tax-free and the repayments are deductible.

So the actual wealthy control assets using corporations OR they own assets paid for by earnings from their investments and spend against them, not with them.

That is how the rich get richer and pay fewer, and lower taxes.