What is the ruling on one who says: "Sovereignty belongs to the people, and wealth belongs to the people"?

The phrases "rule for the people" and "money for the people" are fabricated and false. Rule belongs to Allah alone, and the guidance of the people must be in accordance with the light of His revelation and His law, not according to the desires of materialist ideologies. As for Allah's money, it must be spent on public interests, guarding the frontiers of the Muslims, defending their causes, spreading the call [of Islam], and meeting the needs of the indigent, as stated in Surat al-Hashr. It is not permissible to say "the people's money," because this opens the door to disposing of it in ways not commanded by Allah. For money is Allah's money, and people are obliged to spend it as Allah and His Messenger (peace be upon him) commanded. Rulers are trustees and deputies, not owners of it.