Not really. Countries that are consistently at the top of world happiness rankings are ones that (a) both support a dynamic economy through meritocracy and (b) have high taxes and a broad social safety net that limits inequality.

To put it another way, I'm not arguing against meritocracy; I'm arguing that it alone does not lead to good outcomes - i.e. I think it's necessary but not sufficient. It's like when people thought "bringing democracy" to all these countries without democratic institutions would be a good thing. Democracy is generally better than the alternative, but only if there are broad protections like equality under the law for minority groups, otherwise it's just the "2 wolves and a lamb deciding what to have for dinner" issue. Meritocracy is similar. It's generally a good thing but not if it results in a very small number of people hoarding all the spoils while everyone else barely scrapes by.