The evidence is still "on the fence," so it's hard to draw any conclusions from. Even some studies among identical twins have shown a correlation below 0.5.
I will agree that western designed tests show that westerners do well at western institutions. Nearly any time someone creates a metric of something as difficult to define as intelligence, they create it in such a way that they're the top scorers. I'm sure if those living in sub-saharan africa were to design their own intelligence tests, it would favor them instead.