That's the thing, merit can be defined however we want be any value system.

One could define it as any of the things you said. I can define it as bringing happiness or health as easily as boosting profit, and if I wanted to facetiously make a point I could define it as strength or even "being closely related to previous leaders".

What is deemed as merit is itself a statement of what has highest value under that system.

Under Capitalism the merit that's rewarded, in my eyes, is the ability to make money.

I personally, would rather a system that places ability to support peace and raise quality of life as the merit that is rewarded.