Today's rich are not bound by any noblesse oblige, their money can more than ever exclusively benefit far-off places. Instead of building Rome or adding more beauty to Paris, they build gated communities. In patronizing art they tend to only flatter each other, it seems, (though maybe the art world of early Florence or Amsterdam were just as much "insider" art scenes, I don't know.) Beautiful things, especially beautiful cities, are not built anymore. Anything built that might benefit the middle class or lower is totally stripped, economized away. Most beautiful things (buildings, plazas) in cities were built long before high tax rates existed.
Politics is still run by rich families (Bush, Kennedy, Clinton in the US) or rich businessmen (Trump, Bloomberg). Power is still held by the nobility, its just that the nobility is not held to any standards and barely cares for the country they reside in, beyond their gates.