Yes, but this means that a lot of very rich people are very incorrect as to what is important for their wealth. Which is possible. But you have to posit a lot people being in error about things they should know about, for the heavy-hereditibility picture to fit.

Why is this bizarre? It simply means that high IQ individuals don't capture all the value they create.

Consider that if it had been the opposite - IQ was more a personal benefit than a country benefit - we'd be explaining it as "obviously smart people benefit themselves at the expense of others". Being able to explain something or its opposite isn't explaining, unless we dig deeper.