Texas tried this, with pretty much the result you'd expect. Rich landowners could easily afford to hold office, while men of more modest means were open to influence by "beef, bourbon, and blondes" which were gifted to them by lobbyists seeking influence, which was the whole intent.

The founders of (US) Texas hated gov't, so they created a weak gov't, and kept the power and influence for themselves. The Founding Fathers of the USA had more honest motives, which is why they agonized at such lengths about checks and balances.