That may be true. But the problem with such systems has always been that there is no guarantee that the kids of those in power are as competent as their parents

That may be true. But the problem with such systems has always been that there is no guarantee that the kids of those in power are as competent as their parents. Wealth and power is inevitably squandered because talents are still distributed randomly in the population. Now, when we get to increasing longevity, genetically engineered humans etc, that might change. But then it would also change the parameters of the equation... these future humans won’t resemble the humans of today.