Assuming a well regulated market with the rule of law and minimal barriers to entry and plenty of innovation happening, sure. Take those things away through ba

Assuming a well regulated market with the rule of law and minimal barriers to entry and plenty of innovation happening, sure. Take those things away through bad/ineffective government and you could very easily end up in a society where those in power use their power to stop others from innovating or accumulating any wealth. Long lived institutions focused on consolidating and preserving their power can have a similar effect to long-lived people. The Catholic church's role in the Middle Ages, for example.