I think you mean undeserved wealth, via inheritance, rent-seeking and downright theft. The wealth was created and actually earned by someone.
The sheer number of sports/movie stars, well-off politicians and entrepreneurs in the US with humble beginnings don't give weight to your claim. Sure, there might be a top "caste" that
controls who can belong to that "caste", and very much tries to use the law to protect their collective wealth, but they don't have much control on the rest of the population's "caste mobility": http://www.verisi.com/resources/prosperity-upward-mobility.h...
I'm not worried about "undeserved" wealth or lack of mobility, I'm worried about increasing inequality.
It doesn't matter if there's a different 1% every year, if 1% owns 90+% of the wealth - and that's where trends are headed.
I think "deserved" wealth often isn't; a lot of it is luck of birth and opportunity, and more of it is being in a position of leverage to earn more by being high up in a hierarchy. But even if it is fully "deserved", it is still problematic.
What does "deserved" even mean in this context, anyway? It is not enough for wealth to be gotten by moral means, "deserved" must reflect a judgement by society as a whole, that everyone is in aggregate and justly better off by rewarding any particular person their particular share of everyone's future production (viewing wealth as a claim on future production).
The sheer number of sports/movie stars, well-off politicians and entrepreneurs in the US with humble beginnings don't give weight to your claim. Sure, there might be a top "caste" that controls who can belong to that "caste", and very much tries to use the law to protect their collective wealth, but they don't have much control on the rest of the population's "caste mobility": http://www.verisi.com/resources/prosperity-upward-mobility.h...