No, the handful of billionaires would just let the now-unemployed people starve, or employ them as quasi slave labor. We know because that's what is already happening right now.
The billionaire are not going to magically develop a sense of empathy and morality and give away huge chunks of their fortune to fund Universal Basic Income. They would rather invest a few million into building even taller walls around their compounds to prevent a repeat of the French Revolution.
No one ask them to fund it. The financial system will resolve itself. If you can't buy their product, they are not going to remain rich much longer.
And AGI will make them just as irrelevant as any other person.
And if they want their peace of mind, they are not going to amass huge amount of land while other people are just starving. That would be besides the point anyway, because it is going to equalize things.
In the new economy, the one who can drive AI best, and who is clever enough to know what to ask gets ahead.
The billionaire are not going to magically develop a sense of empathy and morality and give away huge chunks of their fortune to fund Universal Basic Income. They would rather invest a few million into building even taller walls around their compounds to prevent a repeat of the French Revolution.