IPhone Is Most Common 'Status Symbol' of Wealth

IPhone Is Most Common 'Status Symbol' of Wealth

IPhone Is Most Common 'Status Symbol' of Wealth

That might not do it for the bank loan officer, but when it comes to fellow consumers, an iPhone (or an iPad) is the most reliable way to appear wealthy, according to a working paper by two University of Chicago economists. An iPhone? According to a report written by the University of Chicago and the National Bureau of Economic Research, in the USA owning an iPhone is an indicator that you are in a higher tax bracket than others.

The study - a new National Bureau of Economic Research working paper that sought to determine whether United States cultural preferences have changed across various groups over time - found that there's a 69% chance to correctly predict that a household is "high-income" based on the ownership of the said device.

While the actual report isn't what you would call a page turner, it does say that based on 2016 data, no other brand is as "predictive" of having a high income as the Apple iPhone is. Since the data is from 2016, it doesn't take into account the $999 Apple iPhone X that was released in November 2017.

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According to the research, the iPhone is the most common status symbol of wealth... Owning an Android phone in the U.S. or using Verizon are also signs that you're in the high-income bracket.

Back in 1992, the top brand indicator for proving your net worth was using Grey Poupon Dijon, a type of mustard (62.2 percent). In 2004, that was true if you wee a Land O' Lakes Regular user.

The paper also reveals iPhone owners are likely to give the impression of being educated.

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The smartphone, in the modern world, is as much a necessity now as condiments in the early 1990s were, the data suggests.

The research also compares current rich-list indicators to the nineties, and times have certainly changed. In 1992, the technology-related wealth predictors were owning a phone answering machine and an automatic dishwasher.

IF YOU are one of the millions of Aussies who own an iPhone, congratulations - you're officially wealthy. The recent Apple phone sells for just under $1,000. In 2016, the top entries were owning a vehicle with Bluetooth; ordering an item on the internet, and ordering a plane ticket on the internet.

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