Earlier quoted context omitted.
I took her meritocratic stance seriously until I heard her defend inherited wealth, which is ridiculously inconsistent.
"Only the man who does not need it, is fit to inherit wealth--the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him." - I think she's still basing it on merit. While I disagree with some of what she says, and she says a lot, she does a decent job of staying consistent.
Rather teleological argument from Ms Rand. If the heir manages to keep the inheritance, then they deserved it, however if they lose it, they weren't worthy. Perhaps a new "Ayn Rand" inheritance tax is in order; those heirs who fail to double their inheritance within, say, 5 years, must donate them to needy, friendless orphans, these then have their chance for five years. Imagine all the stimulating entrepreneurship! Now excuse me while I go patent some alloys.