Absolutely! My idea is that is is best done culturally. As soon as we stop giving attention to wealth and power, people will find some other way to get attention. If we give our attention and praise to healthy ways of living, that's exactly what people will pursue.
One example of this in action is fur coats. They've dropped way way off in popularity. If we extend the same to ALL forms of ostentatious displays of wealth, no one will seek or display wealth. Excessive money could absolutely become a sign of someone who has more than their share.
Easier said than done of course, but that seems like the recipe.