"Eight iPhone owners have joined an elite clan: Their gadget is running a program that cost nearly $1,000.

When the iPhone first hit the market in June 2007, those who paid the $499 entry price -- and signed the two-year AT&T contract -- owned a status symbol. A year later, we have the iPhone 3G, Apple Inc.'s speedier, sleeker and, most important, less expensive smart phone, which introduced a section for downloading third-party applications.


Now that the phone is affordable enough for a wider audience, a new status symbol has emerged: a seemingly useless application called I Am Rich.

Its function is exactly what the name implies: to alert people that you have money in the bank. I Am Rich was available for purchase from the phone's App Store for, get this, $999.99 -- the highest amount a developer can charge through the digital retailer, said Armin Heinrich, the program's developer."