The ABC has a very good and highly relevant article on the current death of democracy, brought about by a common failure to tax billionaires, which leads to autocracy, and therefore excessive concentration of important decision-making power, into a small number of unelected super-rich people.
What the article fails to include, is the point that concentration of wealth in just a few peoples hands, leads to a constant cost squeeze on the middle class and working class, who end up bearing the brunt of the taxation payments.
https://www.abc.net.au/news/2026-06-17/democracy-cannot-survive-trillionaires-gabriel-zucman-elon-musk/106798842