A Constitutional amendment of this sort was proposed some seventy years ago, as I recall. (My source is the Life commemorative issue about the 200th anniversary of the Constitution, which I no longer have on hand.) However, the limit at that time was also a million dollars. Now, I'm aware that adjusting for inflation is tricky and depends a lot on which factors you're using, but a million now is a lot less than a million then.

People like the word "million." It sounds nice and round. However, it's not remotely as much as it used to be--my mother's house and land probably values at three-quarters of a million dollars. A lot of property is worth even more. Limiting personal wealth to a million dollars is not possible, but it's also not a good idea, not least because inflation must be adjusted for.

And while vaults full of cash are rare, true, whether multimillionaires or billionaires "spend" most of their money depends greatly on your definition of "spend."

__________________
Gillian

"Now everyone was giving her that kind of look UFOlogists get when they suddenly say, 'Hey, if you shade your eyes you can see it is just a flock of geese after all.'"

"You can't erase icing."

"I can't believe it doesn't work! I found it on the internet, man!"