Frankly, who is "the nation" if not its people? As long as even a single individual suffers poverty, "the nation" has failed. If "the nation" is its people, protecting every single person from hardship is a higher goal than allowing a minority to live in excessive luxury.

If you think the "wealth of a nation" is measured by the luxury of a few rather than the poverty of the many, you might as well just revert to feudalism.