Unrealized wealth is exactly that, unrealized, which is why we don’t tax it. If you want to live a wealthy lifestyle and all you have is unrealized wealth, you will eventually have to realize some of it to pay for things, at which point you get taxed.
If you really want to, you could defer it till after you’re dead. Just borrow against the principal rather than realizing a capital gain. Zero annual income (as no gain) and spend as much of it as you want.
You will have to realize it at some point. Or at least your estate will. But it doesn’t have to be while you’re sipping tax deferred champagne.
Its open to question whether the more important aspect of dynastic wealth is quantity of bling consumed per annum rather than the proportion of the economy controlled. But what isn't debatable is that if corporate profits aren't taxed much of it stays out of the taxman's hands for a long time, which is a matter of interest when we're talking about governments not realising as much tax revenue as they hope for.
Share prices are typically lower when firms suspend dividend payments due to financial issues. But ceteris paribus, a firm with a $100b pile of cash has a higher share price than one that disbursed that cash to shareholders. It's now quite fashionable to not pay dividends at all (even though the company is valued based entirely on the net present value of the future dividends investors believe it could pay) and to use alternatives like buybacks if they to return money to shareholders. Why do this? Because the different tax treatment generally favours shareholders.