This is from failure to success article - how the 1% of the populations who are wealthy are bankrupting themselves.

Its not how you fell, but how you rose from your fall

I could not find the the original video but I remember, these 1% of the world population of the are bankrupting themselves, or how the financial environment is causing them to.  Thus they find themselves asset full, but illiquid

1.   Risks of buy, borrow and die

      To avoid capital gains tax the rich buy stocks which are blockbuster.  To avoid capital gains, they borrow on the stocks:  to buy properties, live luxuriously.  And so they thought until the stock price goes south and and the banks find themselves collateral short and call on the loan.  The ritz kid is forced to go to the cleaners and sell off the stocks sometimes at a fire sale

2.  The work from home and the demise of CRE (commercial real estate)

      Its the same - some ritz kid decides that alternative to low paying treasuries or bank deposit is to buy rental properties downtown or at CBD.  They plunk down 30% of the purchase price, get a low 5-7 years loan with low interest (that is much lower than monthly rental collection.  Then Covid came and forced many companies to observe work from home.  Now many CRE  are half empty (even malls) due to WFH.   The CRE valuation goes down (based on income approach) and the bank calls the loan because bank finds itself under collateralized.    Now the Ritz CRE owner is forced to plunk down the deficiency and often finds itself no longer owner of the property.  They are forced to surrender the property to fund the  deficiency if the loan can no longer be collateralized.

3.  High cost of high style maintenance

     High cost of maids, property managers, and even sending children to school  It could easily run up to millions.   Even if you are earning $1 million a year, you could not continue funding your ritz lifestyle

4.   IRS etc the govt has plugged the loophole if you try to escape.  No more exit strategy.

      If you plan to go to tax haven, IRS will do a thorough investigation    Banks and the govt have now shared databases for secret accounts and ML.  NO more escape.