Definitely the second, the second is 10000x worse.

If someone is only worth "that little" but society provides free healthcare, childcare, education, price controlled utilities, housing, and food, and income security through some form of universal income, and everything was clean and green because billionaires didn't exist and the extra gold hoarding blood money went into society and making sure the earth would stay safe for humans, everyone would be much better off.

A high net worth isn't needed when all of your basic needs are covered and billionaires aren't ramming prices of everything up 2-10x