Well...maybe. The best way to determine whether something like intelligence is inheritable is by studying twins and adopted children. These studies have been inconclusive at best, but it is fair to say that genetic factors do slightly affect a person's IQ. This is hardly the only factor, though. Some of the other factors are race, religion, health, and economic status.
There has been evidence over the years that East Asians score slightly higher in general than Europeans, and Europeans score slightly higher than Africans and Hispanics. Many experts believe, though, that biases in testing and inaccurate measuring devices have caused this difference, which is slight. As far as religion, most studies which have been done indicate a negative correlation between IQ and religious belief. As far as health goes, it appears that persons with higher IQs tend to be healthier than others. There are many theories as to why this may be true, but most agree that the results are conclusive. People with these high IQs also have a lower risk for post traumatic stress disorder, depression and schizophrenia, while they actually are at slightly higher risk for obsessive compulsive disorder. As far as economic status, there is a prevailing theory which states that a country's wealth can be relatively determined by knowing the country's average IQ. This theory has been neither proven nor unproven, and it has come under much scrutiny.