Yes, but the state will take more than it gives from the billionaire. This is actually more bureaucratically efficient than manually means testing every possible recipient.

The point of it is that our technology is far outpacing our own capabilities, and pretty soon you'll have to literally become a robot in order to compete for basic income. Instead of allowing only the 1 percent of the rich people to own everybody else, we'll have them pay for everyone to live comfortably so they can do good works, while the rich continue to have their robots do all the work. Everybody wins.