In order to have a true meritocracy, we should abolish inheritance. Everyone starts from scratch, all the extra cash gets reabsorbed into state schools, social care and the NHS. No one gets a leg up for being lucky - we're all lucky.
In a meritocracy, where economic goods and political power are vested in individual people based on ability and talent, what about those with no abilities or talents? No, this reeks of "Survival of the Fittest" Social Darwinism, or at least something that would inevitably lead to it. Power should be held democratically by all, and goods and resources should be distributed based on need, not on who's stronger or smarter. I agree that inheritance should be abolished, though.