Abu Hurayrah (May Allah be pleased with him), of the companions of Prophet Muhammad, reports: Allah’s Messenger (Saw) said, “Whoever is made wealthy by Allah and does not pay the Zakat of his wealth, then on the Day of Resurrection his wealth will be made like a bald-headed poisonous male snake with two black spots over the eyes. The snake will encircle his neck and bite his cheeks and say, ‘I am your wealth, I am your treasure.’ “Then the Prophet recited the verses: — ‘Let not those who withhold…’ (to the end of the verse). (3.180). (Ṣaḥīḥ al-Bukhārī)
The significance of this pillar is such that in the Quran it is mentioned 28 times in conjunction with the observation of Salat, the obligatory prayer. It is clear from Qur’an and Sunnah that if an individual possesses wealth and meets the Nisab amount, they must pay Zakat.