The emergence of large communities is inherently associated with the creation of social structures. Connections between individuals are indispensable for cooperative action of agents building social groups. Moreover, social groups usually evolve and their structure changes over time. Consequently, an underlying network connecting individuals is not static, reflecting an ongoing adaptation to new conditions. The evolution of social connections is influenced by the relative position (hierarchy) of individuals building the system as well as by the availability of resources. We explore this aspect of human ambition by modeling the interplay of social networking and an uneven distribution of external resources. The model naturally generates social hierarchies. Remarkably, this social structure exhibits a rise-and-fall behavior. A well pronounced quasi-periodic dynamics, which is closely associated with the dissipation of resources that are needed to sustain the social links, is revealed.