They did away with these formalities decades ago. The Japanese used to have ten different ways to address people depending on who they were speaking to and what their relative position in society was. The children could not keep up with it and it's been reduced to a western standard for long now.
Respect does not come from titles but in the way one interacts. You can be as respectful if not more.
Two-thirds of wealth in the west is inherited so the same applies.
