Is that supposed to be a serious critique?
People currently own the means of production.
Less people, tiny amount of extremely rich people.
Rich != Smart. Literally 0 correlation. Significant amount of evidence showing that being or becoming extremely rich actually makes you both stupid and a psychopath.
Your dad's argument can also be applied to the concept of a democratic government.
People are stupid, they shouldn't be allowed to vote or have rights, they should just be be told what to do by their betters.
... your dad has the social iq of a toddler, or a cult member.