Yes. Chavez came to power by promising to equalize between the rich and poor. In essence, he did make everyone destitute poor while his family amassed billions.
It really does not matter if it is a monarchy, dictatorship, fascism, communism, theocracy, etc.....the label is irrelevant because the result is always the same....a small group hold the majority of wealth and power while everyone else suffers and the economy becomes dysfunctional.
All these do-gooders are great at redistribution. They just do not know how to produce anything....which is why their economies collapse.
The only system that works is unleashing the individual and imposing as few restrictions as possible.
Yup—once you understand the “secret” it becomes obvious why “developing countries” never develop.
If you have the opportunity to talk to average folks in those countries they will explain that even the tiniest amount of wealth must be hidden—both from roving gangs and the government.
That makes public capital formation impossible.