https://thisecommercelife.com/blogs/comics/the-day-all-billionaires-died
I'm sure it's annoying for some to click offsite, but it's 20 panels long. IMO worth the read, though!
On the pursuit of absurd amounts of wealth. Sure. But, $200m is still an absurd amount of wealth, and wouldn't be affected in this scenario.
Also, if there were no billionaires, someone worth $990m would be the most powerful person around. Right now if someone's worth say $800m they're motivated to get to $1b or more. But, they know that if they get there they'll still have nowhere near the power of Bezos or Musk.
With a hard limit of $1b, centi-millionaires might be even more motivated to hit $990m because there would be nobody more powerful or wealthy than them.