You could make everyone but one person above average by making the rest equal. Making them all better than average is still possible, but it takes an infinite number of people. If you have one person with an IQ of 200, one with an IQ of 150, one with an IQ of 133, one with an IQ of 125, etc. so it approaches 100, the average IQ is 100, but everyone has an IQ higher than that.

“I guess people could be equivalent to a current IQ of 140...”

Yeah, obviously EY meant an equivalent absolute value.

Anyway, this reminds me of a lecture I sat in on in which one student wondered why it was impossible for everyone to be above average.

You could make everyone but one person above average by making the rest equal. Making them all better than average is still possible, but it takes an infinite number of people. If you have one person with an IQ of 200, one with an IQ of 150, one with an IQ of 133, one with an IQ of 125, etc. so it approaches 100, the average IQ is 100, but everyone has an IQ higher than that.