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It depends how you define incompatable.

Democracy and wealth equality totally could work.

However to that, general socialization would have to be different.

There were a number of communist communes that seemed to work for a short period of time and were democratic... because the people there more or less self selected a population in which that would work.

 

If people and culture was slolwy changed over time to be more collectivist, it totally could work.  Of course that's unlikely to happen, as populism generally leads to drastic moves which set back collectivist culture, as drastic moves end up being seen as an attack by other portions of the population.