Nowadays, it's almost a necessary condition for even getting the opportunity to embark on activities leading to academic advancement. As with any such generalization, there are of course counterexamples, albeit very much fewer than in bygone eras. There are also examples of past scholars and researchers who were granted a PhD (and I don't mean an honorary doctorate) on the basis of things accomplished without a PhD. I recall one famous researcher who was in a PhD program and was making no progress whatsoever on a dissertation, but had nevertheless accumulated a number of cutting edge publications. After a decade or so, his dep't got him to stitch together a few of these, which they agreed to recognize as constituting a dissertation, and accordingly deemed him as satisfying their degree requirements.

PS. Actually the Habilitation, for which a PhD is a prerequiste, is the highest academic qualification, most commonly conferred in some Germanic countries: https://en.wikipedia.org/wiki/Habilitation

Some academics with this degree use the double "Dr Dr" form of address, e.g. Prof. Dr. Dr. Patricia Wiater: https://www.oer3.rw.fau.eu/

Dear Professor Karl Pfeifer, thank you for your response. Yes, a PhD has crucial importance for advancing an academic career. Besides scholarly progression, this qualification can lead to intellectual heights, metacognitive depths, and psychological resilience.

Cindy Lopez, thank you for your response. I think so; a doctoral degree can make a significant contribution to both individual and societal advancement, enriching field-specific knowledge and interdisciplinary perspectives.