That is possible, even likely. But AI can also decrease inequality. I'm thinking of how rich people and companies spend millions if not hundreds of millions on legal fees which keep them out of prison. But me, I can't afford a lawyer. Heck I can't even afford a doctor. I can't afford Stanford, Yale nor Harvard.
But now I can ask legal advice from AI, which levels that playing field. Everybody who has a computer or smartphone and internet-access can consult an AI lawyer or doctor. AI can be my Harvard. I can start a business and basically rely on AI for handling all the paperwork and basic business decisions, and also most recurring business tasks. At least that's the direction we are going I believe.
The "moat" in front of AI is not wide nor deep because AI by its very nature is designed to be easy to use. Just talk to it.
There is also lots of competition in AI, which should keep prices low.
The root-cause of inequality is corruption. AI could help reveal that and advise people how to fight it, making world a better more equal place.