Yes. And I believe this is sort of the best of all worlds. I find it better that like high paying jobs like a surgeon are given on merit (beeing a proxy for parents beeing rich, but still on merit) instead of given on e.g. power, like oh he is the son of ... he doesnt need to study to become a surgeon. Or whatever example you like.

The question is, how possible is it to level up. At least in Europe not so difficult, and in the US the Asian immigrants also show it is possible (if you think in terms of 2 generations).