You'd have a ton of people near $10m for sure. It would also be less rewarding to get over $10m. You'd need to make over $10m a year to cap out, so the top 0.01%.

Also note you could still live like a king even in this system. If you made $1b a year, just spend or donate it each year. Go to space, buy a thousand homes for the homeless. But most rich people don't work to begin so probably not them.