In your dread of dictators you established a state of society in which every ward boss is a dictator, every private employer a dictator, every financier a dictator, all with the livelihood of the workers at his mercy, and no public responsibility.
In the Middle Ages people believed that the earth was flat, for which they had at least the evidence of their senses: we believe it to be round, not because as many as 1 percent of us could give physical reasons for so quaint a belief, but because modern science has convinced us that nothing that is obvious is true, and that everything that is magical, improbable, extraordinary, gigantic, microscopic, heartless, or outrageous is scientific.
Perhaps you know some well-off families who do not seem to suffer from their riches. They do not overeat themselves; they find occupations to keep themselves in health; they do not worry about their position; they put their money into safe investments and are content with a low rate of interest; and they bring up their children to live simply and do useful work. But this means that they do not live like rich people at all, and might therefore just as well have ordinary incomes.