Becoming an unattractive place to come for ambitious people. Becoming an unattractive place for ambitious/wealthy people to stay. Causing inequality to take subtler forms, like power, political influence, personal connections. Civil unrest, as the social contract between people and between government and the people to be radically altered. There are a lot of potentially very severe problems, and it's dangerously naive to think that true equality between all people is something actually achievable unless humanity and human nature undergoes some fundamental changes.
We should be trying to fix poverty, and giving more people an opportunity to be ambitious and take risks without risking ruin, we shouldn't be making it unattractive to be ambitious.
I am not advocating for true equality. I am saying that we can distribute wealth to better represent how people contribute to the system. No one is at the top without the support of the millions who pushed them there. Everyone is not ambitious in the business sense. Everyone can't be Michael Jordan, but Michael Jordan wouldn't be with everyone.
We should be trying to fix poverty, and giving more people an opportunity to be ambitious and take risks without risking ruin, we shouldn't be making it unattractive to be ambitious.