They certainly have had that effect in Norway: https://www.brusselsreport.eu/2024/09/11/the-failure-of-norw...
Norway also ranks as seventh happiest nation in the world. Correlation or causation?
https://worldpopulationreview.com/country-rankings/happiest-...
I do wonder still if the country is better off. Billionaires investing in an area tends to skyrocket rent, housing tax from greedy councils, and skews food and utilities upwards too.
The loss of the richest man in the village might mean the baker now has to kowtow his prices to his less well-to-do neighbours again