Exactly!
Those are the hereditary elite. Ban them.
Not a chance. That's how the left fund groups like Antifa.
Many of the Hereditary elite, or for that matter those who earned theirs, form foundations to continue doing what they might consider to be good for a community, and start out as fairly conservative in their views and what they are willing to support. Over time and with their deaths, the foundations continue tax free, and are taken over by boards of directors or individuals with ideas and values NOT shared by those whose names appear on the Foundation. Thus much of the wealth is then used to advance an agenda in sharp contrast to the values that originally inspired the Foundation.
It isn’t the fortunes that are the problem, it is the foundations that let them shelter the wealth they still control while others pay heavily for the privilege of accumulating wealth in their own lifetimes.