You are a lunatic. Monarchs and dictators are inherently inefficient. Or have you skipped the last 10,000 years of human history?
For example, imagine if Khufu had used Egypts resources to build a more efficient canal/irrigation system instead of a big pile of rocks. Or if Qin Shi Huang had used his Countries resources on anything other than a stupid and ineffectual wall...
Do we even need to talk about modern light rail and high density housing initiatives?
We need to REDUCE public holdings to as near zero as we can get. What we don't need is to just consolidate ownership into one persons hands.
First, monarchs are not dictators. Second, maybe some monarchs are. Maybe it is not their job to be "efficient". For example, what do you actually know of the feasibility of an irrigation system using ancient Egypt's available technology? What do you know of whether the Egyptians even wanted an "efficient" irrigation system? From what we know, the Egyptians deified and loved the Nile with its floods and droughts, -- they moved in and out as the floodplain condition dictated and were quite happy doing that. That was "efficient" for them (*).
Further, you live in an age blinded with technology and so you measure everything by the use of technology. That is foolishness. To an Egyptian the procurement of the afterlife was infinitely more important than watering gardens, hence the pyramids. That is, by the way, the wisdom Moses got from them, and we got from Moses, -- well, from Jesus, really,-- and now we lost it. Desire for the life eternal is what produced our civilization. Don't side with the vandals who seek to destroy it.
(*) Journey Back to Eden: My Life and Times Among the Desert Fathers .