1) Nepotism, a practice that has existed as long as mankind permeates our society, from business to politics.
2) Nepotism, a practice that has been existing as long as mankind permeates our society, from business to politics.
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"Exist", like most verbs denoting a state, does not usually take the continuous form "be existing".
The iWeb corpus has only 577 instances of "[be] existing" against 415325 of "exists", 667059 of "exist" and 182665 of "existed". (By '[be]', I mean any form of the verb 'be')