It would be an utter disaster and crash the economy. Billionaires don’t have a billion dollars of cash sitting in their bank account. It’s all tied up in real estate and shares of stock. For them to give all their wealth away, they would have to sell all of those properties and stock holdings. What do you think happens to the value of a company if 10% or 50% of the shares were sold at once? The price would crash and likely bankrupt that company. Same with real estate. Prices would crash.

So, the average person might get a check for $10,000, but their 401k value is down 95%, their home is now worth 30% less, and they are now unemployed because their company went bankrupt.