So, uh, maybe don't dwell on that too much.
Actually, dwell on that a lot. It's probably the only instructive example.
The rich and powerful only suffer us because they need us. They cannot assemble every lead painted doodad by their own hands. If they could, they never would have hired anyone. So what happens when they no longer need as many people?
Society is already far too constructed around catching some of the wealth that just spills off of the people who own it, by being in their orbit. That activity is not actually productive, but since the only people with money are the ones that have a lot of it (K shaped economy), there's just not enough wealth left in the bottom part of the market to support anything else.
Well that and there are more guns than people and if a million people come for you then there is no army that will be able to save you.
The global horse population peaked in the 1910s.
Horse ownership isn't what it used to be, but the horse population seems fine.