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Except that billions are never private property - you have to steal from people to accumulate that much wealth. Or inherit stolen wealth. Exception: stars, where people voluntarily spend that much money to listen to them / see them. Not an exception: sports stars who get paid from sponsoring / advertisement revenues which in turn are stolen by slave labour / low wages.
Nevertheless, no one needs billions, so taking all private properties above 1 billion still leaves those people with an obscene amount of money that honest work can not save up in a hundred(!) lifetimes.
As for the military exit: While I agree that it's not possible, I disagree on the reason - a sudden shift of military concentrations (e.g. weakening presence in some area) is unfortunately pretty much guaranteed to encourage someone to start an armed conflict somewhere. But that could be addressed in the form of the multi-lateral peace keeping forces mentioned.