you need to be careful at the terms because "socialism" in communists countries and USA means "communism" and socialism in nord & western europe means higher taxes and a bigger public sector & public services (with afferent bureaucracy). Communism didn't fare well for obvious reasons while europe with all its problems, endures.

The loss of wealth is one thing. The loss of freedom to pursue your own lifes choices would be worse. Add to that the loss of the ability to leave and find a different society that suited your tastes - well, that would be a very miserable existence indeed.

Giving it all up was just the "equalizing" part. Being incriminated, prosecuted and sentenced for having employed in some way other people's work was the real face of the system.

I'd say pretty miserable, may end up in suicide.

But the biggest issue would be that someone else would now control that money. And there are no guarantees that they would do it better.