Yes, but we're talking about a wealth tax. Which specifically does require that a wealthy person actually liquidate some of that wealth every year.

Not sure why people are discussing this as if it's not exactly that. PG is right in what he's saying, but wrong on the impact.

Assuming his figures are correct, then I would expect to own 45% of something much bigger than what I owned 100% of 60 years before.

But not with 100% tax. Your wealth still increases.