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What is a status symbol?

What is a status symbol? Here are some definitions.

Noun
  1. A visible possession that is a sign of one's social status or personal wealth.
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Examples
To the Highlanders the Targe was both a life preserving tool and a status symbol with ornate decorations.
Even if the cellular phone is not really considered a status symbol, it has become part of fashion, an accessory.
For the customers that we're selling to, the car is quite a status symbol in itself.
While seeing dogs wear clothes is a pet peeve for some, others suggest it's a status symbol.
More than any other regularly produced watch, owning a Rolex is an investment and a status symbol, more than it is a teller of time.
But it is a butler that many people crave, not just because he is the ultimate status symbol and most overt way of flaunting wealth.

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