What are the justifications for prohibiting the hoarding of wealth in Islam?

The wisdom behind prohibiting the hoarding of wealth is that Islam considers wealth to be the property of Allah, and its possessor is merely a trustee empowered over it; thus, he is obliged to dispose of it according to Allah's command. Islam has ordained social cooperation whereby the wealthy are to give the needy their due share of wealth. For this reason, Allah Almighty has promised severe punishment to those who refuse to spend wealth in its prescribed channels.