By default, capital will matter more than ever after AGI

Eh, no one really has any idea what production functions will look like in 30 years (assuming no mass extinction of any kind.)

The more interesting question is another. Half the population has IQ<100. Assume a full-demagogy world where a majority can be manipulated to make any decision, voting or otherwise. Whose utility will be maximized?

It's a chaotic, non-ergodic system. Expect a random-walk outcome. One particularly troubling end state is a world with 100 trillionaires, 100000 concubines, a bunch of coiffeurs and masseurs, and no other humans.