I think I can speak for the majority of players on Wizard101 when I say that we need a higher gold cap, or even better, not one at all.
I try to compare all the pros and cons of allowing players to carry an absurd amount of gold, and every time the pros outweigh the cons.
Pros
It's simply more of a convenience of being able to hold a lot of gold at one time.
You can go on longer hatching spree's during the double XP weekends.
You wouldn't have to worry about spending money on useless items and mounts when you've reached gold cap and still have a lot more things to sell.
To piggyback off of the first pro, players could fight Halfang Bristlecrown or many of the other various gold farms for long periods of time and not have to return every single day to refill your bag.
etc
Cons
N/A
This is what I mean when I say that there is hardly any cons for allowing a player to carry heaps of gold apposed to the measly 400,000 max we have now. I'm not saying that we need to have no gold cap, I'm just stating that the current cap is entirely too low.
I think a reasonable gold limit is around 2.5 - 5 million.