It’s not that there weren’t any non-aristocrat/non-chieftain/non-royalty magnates before (business magnates did in fact exist in medieval Florence). But it’s parsimonious to think that if/when royalty/nobility/chieftainship/land ownership are practically diminished or marginalised in power, prestige and affluence that business would take its place. It’s not that chieftains, aristocrats and landowners have stopped existing.
But they’re nowhere as powerful as they were before now that they’re practically competing with more powerful businesspeople. To survive they either have to sell some land, still act as mayors and landowners of sorts and even dabble in business. Conversely speaking, there are businesspeople (as well as celebrities) who own land themselves whether as landowners proper or farmers.
There are still small scale businesses around, especially in fishing villages and farms (hence farmers’ market) and to some substantial extent, local businesses of any kind. But the bigger ones have aped royalty so well that they even bypass territories. If kingdoms incorporate different countries, logically conglomerates incorporate different businesses.
That’s how scarily powerful plutocracy’s become, not only have plutocrats aped aristocrats they also become aristocrats themselves. Look no further than the Rothschilds and Medici. Some plutocrats actually own land themselves. That’s how far plutocracy’s come these days.