What would happen is that no one would have the milllions of dollars needed to invest in infrastructure that makes people more productive. Which would make us all poorer, since wealth isn't dollars, but the amount of goods and services that can be bought with those dollars. If no one is producing much, then everyone is poor because there isn't enough of things at any price.

And to that person that said they should spend some percentage each year, that is the opposite of what they should do. Every item they buy and take out of the market for personal use is one less thing available to the rest of us. Fortunately, consumption doesn't grow linearly with wealth, otherwise Bill Gates would have purchased every car in the country for himself, and left us with nothing.

Any money not spent on personal items is spent on investments, which ultimately is invested in capital goods that improve productivity. Which ultimately makes more goods and services available to everyone, rich and poor.