I find that it is usually purchasing power which results in respect and social standing. What are examples of the opposite, that do not involve being related or networked to someone who does have purchasing power?
If most plumbers started earning top 10% wages in the US, they would have similar social standing to doctors. Even doctors have probably moved down in relative status, where the new ones are basically W2 employees with metrics for a big company.
The example could be replaced by a father encouraging their child to be a scientist rather than an accountant - likely a net financial loss.
Hell, put a noble prize winner (or Olympic gold medallist, or astronaut, or you pick) in a room with a guy who made 50mm on property development. No contest, but chances are the developer is at least 10x as wealthy.
There are examples all around you; might not be why you respect people, but its' what people actually do. Trying to reduce this all to wealth just doesn't stand up to even a little scrutiny, though it's equally clear that wealth does contribute.
If most plumbers started earning top 10% wages in the US, they would have similar social standing to doctors. Even doctors have probably moved down in relative status, where the new ones are basically W2 employees with metrics for a big company.