The fallacy of this argument is that you will need a lot of very smart people to keep innovation going (at least until AI is sentient and gets smarter all on its own). It is the innovation and highly efficient production that produces the life of material ease that the elites so enjoy.
So maybe you need a quarter to a half billion really smart people to keep innovation and efficient production moving ahead to provide the life of leisure the elites want. The elites themselves can’t do it because they are honestly dumber than a box of rocks and have never had a blister once in their lives. As Dad used to say, they don’t know which end of the hammer to pick up.
So how do you create and sustain a quarter to half billion innovators and producers? Today, it is self-selection. You need a population of 8 billion to find the 10% of that 8 billion who can really produce and innovate. Those innovators and producers are the cream that rises to the top.
Of course, once brilliant people fully master genetic selection (eugenics), they will be able to breed the precise half billion brilliant innovators and producers. Then (and only then) can get rid of the other messy 7.5 billion.
Until that time, it’s a matter off playing the odds. They must let the world continue to produce ten babies to find the one who is an innovator and producer.
Fun times ahead!
Like in The Forbin Project?
https://en.wikipedia.org/wiki/Colossus:_The_Forbin_Project
The Great Reset is The Great TRIBULATION...............
Multiple Billions of people (plus plants and animals) die in a very short period of time...................
Effing Morlocks.