Yes, but that isn’t the question as long as those wealthy people control most of the system: companies aren’t going to lose executives, they’ll shed the jobs which they don’t respect. Someone wealthy does not need to accept a bad deal to avoid sleeping on thr street. It’s everyone who isn’t insulated who has to actually compete for work.
Besides the argument above, that an AGI powerful enough to replace 99.999% of humanity won't be controllable, there's also the economic argument: corporations, executives, all that means nothing if 99.999% are unemployed. Our economy is based on consumerism which will obviously cease to happen in a scenario where 99.999% of humanity is unemployed. The economic system would be so upended that ownership and such notions would become immaterial.
If we meet in the post-apocalyptic wasteland, but I have an android slave with a gun and you have nothing but a rusty spoon, it's going to be pretty clear who the android belongs to, and who it serves. The android also makes it likely that I will have a bunch of other nice stuff that you don't. Food and water, for instance.
I would worry that it won’t go quickly to 99.999% but instead would grind down different groups of people slowly enough that they’d be able to entrench their power: being a cop will be a growth job, people would be given state-sanctioned automation-resistant work like picking crops as a condition of receiving social benefits, the Republicans would more seriously dust off the previously-fringe proposals to restrict voting to property owners again, etc.
Setting people against each other is a time honored way for a small elite to control a large population.
