There was a time when wealthy people got high social status/Rank because of their grip in society. The grip in society was need based, where people were dependent on them for livelihood, no matter, how the wealth was created morally/ unmorally. That time, they got high respect, but the respect was not real, it was need based or because of fear.
In present time, because people are educated and they are having ample opportunities of livelihood. So people are not easily to give respect, just because of somebody accumulated wealth by legal/illegal means. The main reason is that people are not depending on them to seek help in bad times. So now mantra is that give respect if you want respect.
One more reason of diminishing of respect is that now days, people can get a good rank /position in govt. departments because of his good approach. Secondly people are getting selected/promoted because of his/her cast/ bribe and chaaplusi. So merit is absent, hence respect is absent.
One more factor is that people wants respect because of their multiple degrees. But they are lacking in real knowledge, social understanding and mutual respect.
So my take is that only social acceptability of a person because of his/her real knowledge will earn his respect. No rank/wealth /goondaagiri can earn real respect.