That's according to new research published recently by the National Bureau of Economic Research in the USA, which worked with the University of Chicago to discover how our lifestyle relates to our income.
There are caveats to the research, but the paper, which is based on data from 2016, explains that owning an iPhone gave researchers a 69 percent chance of correctly identifying someone as "high-income".
According to the National Bureau of Economic Research, owning an iPhone in the United States gave researchers a 69 percent chance of accurately predicting a high income- any wage in the top quartile. In a sample of almost 10,000 people, owning an iPhone in 2016 gave researchers a 62 percent chance of accurately guessing whether or not someone was educated.
The study noted that Apple or, more to the point, owning one of its iPhones was, indeed, a status symbol for many users.
As an example, the recently released top-of-the-range iPhone X sells for upwards of $1800 in Australia.
Justin Bieber raves about Hailey Baldwin on Instagram despite not following her
The Times-Herald Record reports the celebrity couple were in Nature's Pantry in New Windsor, N.Y., on Wednesday. She completed the look with grey sweatpants, white sneakers, oversized sunglass and a huge smile.
Aside from products, the economists, whose findings were earlier reported on by Business Insider, found that if traveling in the US, owning a passport, and having Bluetooth in your vehicle were also high on the list of high-income indicators. In 2004, Land O' Lakes butter and Kikkoman soy sauce were predictive of high-income households.
For example, in 2004, buying a new auto and using Land O'Lakes regular butter implied you were well off, while in 1992 it was owning an automatic dishwasher and buying Grey Poupon Dijon mustard that meant you were among the elite.
For 2016, other significant indicators of wealth include subscribing to Verizon at 61 percent and owning a generic Android phone at 59.5 percent. But it does serve as a reliable indicator that you are in a higher income bracket than most people.
But just because you own an iPhone doesn't necessarily mean you paid the massive fees upfront. In 1992, the technology-related wealth predictors were owning a phone answering machine and an automatic dishwasher. In 2004 (some three years before the launch of the smartphone), status symbols included owning your own auto or home computer.