I've seen into some moderately high levels of "prestigious" business and government circles and I've yet to find any level at which everyone suddenly becomes as competent and sharp as I'd have expected them to be, as a child and young adult (before I saw what I've seen and learned that the norm is morons and liars running everything and operating terrifically dysfunctional organizations... everywhere, apparently, regardless how high up the hierarchy you go). And actually, not only is there no step at which they suddenly become so, people don't even seem to gradually tend to brighter or generally better, on average, as you move "upward"... at all! Or perhaps only weakly so.

Whatever the selection process is for gestures broadly at everything, it's not selecting for being both (hell, often not for either) able and willing to do a good job, so far as what the job is apparently supposed to be. This appears to hold for just about everything, reputation and power be damned. Exceptions of high-functioning small groups or individuals in positions of power or prestige exist, as they do at "lower" levels, but aren't the norm anywhere as far as I've been able to discern.