Theoretically, no. All systems of living, like ecosystems rely on balance to provide and survive. Although it’s unfair, we are able to navigate through our inequality because it keeps some people at the top, and they have power over the resources. The people who have lower living standards compete for a different set of resources compared to those with high standards of living. It’s hard to tell whether people would survive or not. It might just serve to readjust roles and the hierarchy levels. But for example, the standard of living we enjoy right now has already served to destroy much of our environment. If everyone lived in that same way, it wouldn’t last much longer.
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