The top 0.1% very much enjoy their iphones, yachts, entertainment options, and the other products of a strong economy. They don't have much incentive to tear it all down.

Automation has overall improved quality of life significantly. We can now grow so much food that we can easily feed the world many times over. Clothing has become so cheap that many items are practically free. And trips around the world are no longer accessible to only that top 0.1-1%. It's not all gloom and doom.