I largely disagree due to social mobility.

If you look at the differences between people who escape poverty and those that don't, you will find major differences in Habits and capability.

If you look at people who drop in social class and those that dont, you will also find differences.

If starting wealth was all that mattered, and human behavior had zero impact, you would see no mobility. I guess one could chalk mobility up to random luck, but this flies in a the face off massive amounts of data correlating performance with outcome.