What assets are actually being sequestered? Isn't billionaires' wealth in paper? If that paper wealth was confiscated and spent, it would lead to a significant

What assets are actually being sequestered? Isn't billionaires' wealth in paper? If that paper wealth was confiscated and spent, it would lead to a significant increase in demand, so central banks would have to implement sharply contractionary policy, or see all that newly distributed wealth inflated away. How would that leave anyone better off?