Only the rich can create economic growth
In the US this is contradicted by the history of our
country. All the great industries of the 19th and 20th Centuries
were created by individuals with no prior wealth. Andrew
Carnegie, Henry Ford, Bill Gates, etc. started with essentially
nothing and built huge enterprises. On the other hand the
children of these entrepreneurs have not been especially noted
for doing anything notable. Andrew Carnegie felt so strongly that
each generation should make its own way that he left the bulk of
his estate to charity. His children had to make their own way.
The secret of a successful entrepreneur is his ability to raise
capital to expand his enterprise. This is obtained from banks and
selling stock and not generally from personal wealth. One doesn't
need rich people to build a business. The capital of a bank can
be $1000 from one hundred people or $100,000 from one person. The
amount available to lend is the same. Wealth does not have to be
concentrated to be available for investment. In the developed
world much of the available capital comes from pension funds and
is thus not provided by the wealthy.