What income? Income from job, or from capital? A huge difference. Also a lot harder to lose the latter, gross incompetence or a revolution, while the former is much easier.

Now what?

I’m willing to bet you haven’t lived long enough to know that’s a more or less a proxy for old age. :) That aside, even homeless people acquire possessions over time. If you have a lot of homeless in your neighborhood, try to observe that. In my area, many homeless have semi functional motor homes. Are they legit homeless, or are they “homeless oligarchs”? I can watch any of the hundreds of YouTube channels devoted to “van life.” Is a 20 year old who skipped college which their family could have afforded, and is instead living in an $80k van and getting money from streaming a “legit homeless”? The world is not so black and white it will turn out in the long run.