It absolutely is, except worse, because it is antisocial hoarding, in that it hurts society, not just themselves.

And it isn't about quality of life for them. You effectively max that out in the tens of millions. These sociopaths are burning the world to beat eachother's capital/ego scores, not just in net worth, but in the intentionally wasteful, irrational flexes they purchase and commission, literally like making a mega yacht to tow their sailing mega yacht, or buying some multimillion dollar antique that belongs in a museum.

It's a high stakes game to them to one up one another, and the havoc it wreaks on the global climate and entire societies isn't even a consideration to them, as you must have significant net worth for them to consider you a human being worthy of any consideration to begin with. Without that you are disposable livestock, worthy of ridicule but not a second thought.