Just 5 figures income in retirement here. Both retired now, but with both cars, low milage [55k and 78k] paid off, new tires and serviced before retired. etc. Bought retirement home cash and it came with quality furniture and a golf cart [do not golf, but great for getting around the 55+ community where we bought in Central FL, keeping our fuel and maintenance costs on cars low], HOA fee is 360 a month and that covers lawn cutting, Spectrum internet, and garbage pickup. plus gate guards.

Find we do not need a lot of income in our retirement - not rich, but comfortably well off IMO.

FTR: We never had a high income, but lived on less frugally for the past 20 years and banged the bucks into investments and her 401k [We liquidated the 401k to buy the house after paying the taxes owed on that money.

France made that mistake years ago:

Google AI Overview
France's previous wealth tax (ISF) is widely considered to have backfired due to high administrative costs, difficulty taxing illiquid assets, and incentivizing the wealthy to leave the country, which reduced the tax's overall revenue. Estimates suggest the tax may have cost France more in lost revenue and economic activity than it generated.
Reasons the French wealth tax is considered a failure
Revenue shortfall: The tax generated significantly less revenue than projected.
Capital flight: The tax prompted wealthy individuals and their assets to leave France, resulting in a net financial loss for the country. One estimate from 2006 suggested 843 people left the country due to the tax, resulting in a net loss of 2.8 billion.
High administrative costs: The tax was expensive and complex to administer, according to reports by the OECD and others.
Distorted investment: The wealth tax distorted saving and investment decisions, as people sought to minimize their tax burden. For example, controlling shareholders might have prioritized dividend payments to increase cash holdings for tax purposes, even if it was not in the company's best long-term interest.
Low threshold: The tax had a low threshold (1.3 million in assets), meaning it applied to a large number of households, which complicated administration and limited its revenue potential.
Poor design and loopholes: The policy included poorly designed loopholes that facilitated tax avoidance and further limited the revenue that could be collected.
Reforms and current status
France's wealth tax was abolished in 2017 by President Emmanuel Macron and replaced with a tax on property, not business or shares.
Even with the abolition, the issue remains politically contentious, with wealth tax proposals being debated again in late 2025.

Many six-figure individuals/families are living beyond their means.

Well here is a group that will be losing those benefits paid for by we taxpayers: Brooke Rollins: Unbelievable' That 186,000 Dead People Are Getting SNAP Benefits