If Egalitarianism did indeed affirm equality of economic status, we would be in concurrence about it's moral standing.
However,
a belief in human equality especially with respect to social, political, and economic rights and privileges ---Merriam-Webster Dictionary
could be read as equality of opportunity, or as equality of results. If the first, then it is a good thing. It is the first which is the case.
Source: WordNet ® 1.6, © 1997 Princeton University
Sorry... but egalitarianism is collectivism.