Quite. As soon as robotics and AI reach a point where they can take care physically creating the needs and wants of the uber wealthy... that's bad.
Any time the idea of UBI comes up I think it's way more likely for them to decide 99% of us are now redundant and that some convenient pathogen/disease that they have access to a cure for the rest of the world doesn't know exists would be a fantastic way to get rid of us before we form giant mobs to demand equality. As an added benefit, having ~7.9 billion less humans in the world and no longer needing to produce food or goods for them would reduce pollution and emissions on a massive scale, helping the global environment while also getting rid of all the clutter ruining the views at the nicest beaches.
They'll still need some of us to boss around and feel superior to, not to mention to breed attractive children for their enjoyment. Just a small enough number broken between enough locations on the planet to get the odds of large scale physical resistance as low as they can.