The African continent is exceedingly rich in natural resources, yet the living standard of Africans is very low. The most plausible explanation for this discrepancy is the lack of a system that protects private property.
Socialism was sold to Africans as the antidote to the legacy of colonial occupiers. But it was the African countries that most resisted socialism that experienced the greatest gains in standards of living.
The net effects of the regime's economic planning is wealth destruction and perpetuation of chronic, widespread poverty. South Africa’s per capita GDP, at around $6,000 in 2019, has not increased in inflation-adjusted terms in a quarter-century.
Elizabeth Warren's wealth tax is based on the idea that the government knows how to use wealth better than the private sector. The plan also ignores that the wealthy have been shown to flee countries with a wealth tax.