I'm not sure the common alternative for higher-income people is more ethical - spending on vacation homes, expensive private schools, buying new cars, clothing,

I'm not sure the common alternative for higher-income people is more ethical - spending on vacation homes, expensive private schools, buying new cars, clothing, appliances, etc when the old ones are a little outdated but still usable. From the point of job creation, this does make more jobs, but I think there's a strong argument to be made for living a lower-impact life that lets you live on your savings after a shorter career. And as for return on investments, are you suggesting that investing in the stock market is immoral? I'm not sure I follow your logic about how buying shares in a company and benefitting from dividends is immoral, or maybe you had something else in mind.