This will put GPU miners completely out of the market in under 6 months and all the wealth generated will go to those groups who bought or manufactured the most powerful mining hardware aka the "elite".
Bitcoin does not change key motivations within the human population. If all wealth was equally distributed within a few decades (perhaps sooner), we'd start to see the typical power law (80/20) rule emerging again.
Some people care more about creating wealth, others care more about happily spending it today. A gross simplification, and there exist many other facets. However, I've seen these archetypes play out with the people around me, throughout my life.