I wouldn't give the 120 thing the biggest merit in the world, that's just the most extreme datapoint I could find in their favor, i'd wager on average CEO's IQs are between 105-115 which while being slightly above average shouldn't be the biggest factor in the world compared to the millions of people with IQ's and genetic compatibility that could be much more well purposed to be in the positions they are in. People rise up in power because of connections, low agreeableness, looks, etc, but even if you have low agreeableness, great communication skills, but you're some 5'3 manlet with an IQ of 150 hypothetically, even if you have a decent face, you statistically will not even come close to the chances these guys have.
The system is corrupt in my view.