Absolutely. Wealth isn't competence, and too much of it fundamentally leads to a physical and psychological disconnect with other humans. Generational wealth creates sheltered, twisted perspectives in youth who have enough money and influence to just fail upward their entire lives.

"New" wealth creates egocentric narcissists who believe they "earned" their position. "If everyone else just does what I did, they'd be wealthy like me. If they don't do what I did, they must not be as smart or hard-working as me."

Really all of meritocracy is just survivorship bias, and countless people are smarter and more hard-working, just significantly less lucky. Once someone has enough capital that it starts generating more wealth on its own - in excess of their living expenses even without a salary - life just becomes a game to them, and they start trying to figure out how to "earn" more points.