This makes sense. Kings are smarter and more selfless than bodies of democratically elected officials. One needs look no further than King Maha Vajiralongkorn for a contemporary example of a man that benevolently liberated his country from the hassle of managing its wealth
In a monarchy, long term interests win out over short term interests because they're dynastic and stay within a family. There is a natural incentive for long term thinking that comes with a monarchy.