Besides the argument above, that an AGI powerful enough to replace 99.999% of humanity won't be controllable, there's also the economic argument: corporations, executives, all that means nothing if 99.999% are unemployed. Our economy is based on consumerism which will obviously cease to happen in a scenario where 99.999% of humanity is unemployed. The economic system would be so upended that ownership and such notions would become immaterial.