Why wouldn't the ability to quickly process information be considered an important part of intelligence? A proper IQ test is very general and just tests processing speed and working memory.
IQ has a higher correlation with future income than parent's earnings. If you had a choice between having 99th percentile IQ and being born into the 1% you'd be better off taking the IQ. The issue is that because IQ is highly heritable many in the 1% tend to be intelligent as well so the rich get richer.
I don't know about you, but if I had the choice between having a 99th percentile IQ and being born into the 1%, there is absolutely no way I'm taking the IQ. The streets and fast food franchises are littered with exceedingly smart people. Dumb kids of the mega-rich are still rich. A lot of things need to go right for success, those things have a better chance of going right if your parents are loaded.
It's important to note here that we're not discussing the well-off, two vacations a year types here, we're talking about the 1%. I would be extremely surprised if the correlation between your future earnings and your parents' earnings (if they are 1%) weren't -a lot- stronger than your having a 99th percentile IQ. Any sources?
> IQ is highly heritable many in the 1% tend to be intelligent as well so the rich get richer.
I'm sorry, do you have a citation for this? I find this highly suspect. Everything I know about money and power and society suggests the reasons the rich get richer are money, power, and society. Nothing to do with IQ. This idea that the poor are poor because they are dumb is something rich people (who don't want you to be rich) want you to believe.
IQ has a higher correlation with future income than parent's earnings. If you had a choice between having 99th percentile IQ and being born into the 1% you'd be better off taking the IQ. The issue is that because IQ is highly heritable many in the 1% tend to be intelligent as well so the rich get richer.