You refuse to say what you mean by 'confiscated' or how that might work. Until you do so, it's meaningless and impossible to evaluate as an option. Frankly, you don't seem to have the slightest conception what 'wealth' actually is.

Wealth is control of economic assets - companies, resources and property. Transferring wealth means transferring that control. For example it means taking Tesla away from Elon Musk and giving it to someone else. So what I'm asking is, who would that control go to and how would it be exercised to better serve the average person? If you can't answer that question, you're not making a proposal it's possible to evaluate. I may disagree with Marxists, but at least they have an answer to this question.