Some other angles to come at:

• Remind him that when we're talking about the "1%", we're talking about people with this much money. And explain that even people with far less can still maintain their capital if they invest it in a business or rental properties. For every person who loses their inheritance or lottery winnings, there's many multiple other dipshit landlords and small business owners that manage to survive, not through any sort of special skill or competence, but merely through the means of owning capital. Which they either inherited and/or built through exploiting others. (See: surplus labor)

• Make him watch Wyatt Ingram Koch draw preschool-level shirt designs while drinking champagne on yachts. If he still believes in a meritocracy after this, just bully him relentlessly for thinking Wyatt Koch is more deserving of his money than literally any random person on the street.