"the more equality there is in the race for inequality, the more intense the race and the less the inequality which results from the consequent rewards. That means less and less distinction for more and more men of distinction."

I think perhaps he was wrong about this, or maybe the idea that there could be equality in the race for inequality is the conceit. Life is more complicated than that. Inequality has gotten greater, not less, and the rewards of hard work remain uneven.