Ok, sure, but that isn't the same thing as meritocracy is it? It is hard to justify to the population at large that billionaires earned their wealth and deserve

Ok, sure, but that isn't the same thing as meritocracy is it? It is hard to justify to the population at large that billionaires earned their wealth and deserve to keep it when they could only get to that position by being born out of the right womb. That's just a different kind of aristocracy.