Every person on earth would have their wealth more than DOUBLED!
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First of all, that's called communism/socialism. Second of all the "1%" typically includes high earners (Doctors, Skilled Professionals like engineers, etc. etc.), small business owners (Most small business owners are millionaires by necessity based just on the equipment/inventory required to run a business.), and farmers (Land is expensive and modern farm equipment for a medium sized farm can easily be upwards of $10 Million).
So by "seizing and redistributing the wealth of the 1%", you'd be stealing not just from the likes of gates, soros, etc. but the average joe engineer, literally every farmer on the planet, etc. etc.
Honestly I couldn't care less about the doctors, but I just threw them in as an example of a high earner. But when you start wanting to seize farms and things like that.....Well let's just say there's a reason Bundy Ranch and other similar events have happened in the USA.