Based on my knowledge so far, societies that have official and serious limits on personal wealth usually rely on a stricter hierarchy which they usually intend to be meritocratic.

Modern world analogies are communist regimes and company hierarchies. Technically the CEO or Stalin is equally subservient to these entities, but what does that look like in actuality? They have total control and can terminate you at ease and without considerable objections.

If the rich get no generational wealth, you will not just be a pisspoor citizen, but a peasant without rights.