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The claim is that most of that is biology and heritable. Your ancestors had good genes (again, IQ but not only) which allowed them to gain a skill in the marketplace, construct a social network, create a family with good reputation, and acquire wealth. You have skills in the marketplace, able to adroitly navigate society, etc. primarily because you share genes with your ancestors, not because you inherited some money.
This is the nature vs nurture debate and lately the nature side has been winning. Who and what you are is considerably more determined by your genes rather than by your upbringing. Gwern posted about this here, on LW, or you can google up twin studies (studies of (genetically) identical twins who were separated at birth and brought up by different people in different circumstances).
See e.g. Yvain's review of Albion's Seed.
I accept genes are a big part of the picture.
I'm not sure I believe genetics are more important than other factors. And this is not necessarily a simple nature vs. nurture issue. In the case of African Americans' treatment in U.S. history, it's an extreme set of "nurture" circumstances that robbed a group of people of all opportunity for many generations, based on race. I'm not sure "good genes" simply overcomes extremely lopsided (often systemically unfair) circumstances.
Anyway, it won't be resolved here. Thanks for your thoughts.