He also attempts to justify the social implications of his position by saying that we can still have high levels of risk-taking and innovation but without suffering an oligarchy by severing the connection between wealth and power.

This is a nice idea, but in reality the power that comes with wealth is an even greater motivator than the improved quality of life that comes with cash. He suggests that his motivation for becoming wealthy was increased security; well, what position is more secure than one of great power? There's no reason that removing the link between wealth and power would reduce motivation less than flattening top level income.