Yes, because some people's utility functions are strongly inimical to other's likely happiness. It will be feudalism all over again, with vastly higher stakes.

If you have a bunch of the super-rich, and everyone else just at some happy medium, then you'll eventually output a mad god-king - in charge of some ridiculous multiple of the power that the majority of the planet can bring to bear - whose favourite sports are gassing countries where people's skin is the wrong colour and fucking the peasants to death on a Thursday.