The tiny global elite you impugne does not hoard anything relevant. They are just a hose thru which a lot of high velocity money flows, most of their income flowing right back out to others. Without them, the structure for working for that $12,000 average income would collapse and you'd be working a lot harder for a lot less net return.
Take that high density money away from that elite, and you'll discover two things happen. One, you'll be out of a job and relegated to living exactly as a large percentage of world population does: eking out a meager existence from the land to paltry returns; that elite holds the high-wage system together because they profit from it, and without those returns there is little incentive to make such systems work. Two, averaging out all income & wealth so everyone has the same would soon coalesce back into the distribution we have now: those expecting a no-effort living wage produce nothing and get nothing for it, while those enticed by work*risk=profit will find a way and earn that which the others will give to survive.
Yes, institutionalized theft: those who work and take risks having their earnings taken by threat of force by those having no moral & economic interest therein or beyond what was contracted for in a competitive market. Go live off the land for a year, excluding any connection to "the elite", and then tell me about the justice of someone taking the fruits of your labors from you simply because they exist (choosing not to produce).