Why? Because they don’t own the majority of their wealth. The money they have is invested and they only ever carry a few million dollars in a brokering account.
This brokering account is used for business and personal transactions like vacations, private yachts, etc.
One can argue that they can sell all their shares and just keep the wealth, however that is not the case. They’re regulated and can only sell a number of shares every quarter. Each sale reduces the price drastically and feds are monitoring stocks to prevent artificial colllapses/black Tuesdays.
To be blunt and to use an example. Elon Musk does not actually “own” Tesla. Tesla owns Musk.
He knows this and laughs at the lot of you who think this isn’t the truth/crux of the matter.
The reality is that the rich are just one part of the issue, the real issue is the stock market. It’s a dumping ground for corporate wealth and everything just gets thrown back in for re-investment.
The wealthy never go broke as long as they keep their wealth invested and the stock market doesn’t collapse.