From Longman Dictionary of Contemporary Englishstatus symbolˈstatus ˌsymbol noun [countable] something that you have or own that you think shows high social rank or position A Rolls Royce is seen as a status symbol.
Examples from the Corpus
status symbol• Individual scores became a status symbol.• New technologies can turn from status symbol to ball and chain overnight.• These shoes have become an important status symbol among teenagers.• A sheepskin coat was the skinhead status symbol.From Longman Business Dictionarystatus symbolˈstatus ˌsymbol noun [countable] something you own that people think is a sign of your important position, wealth etcCellular phones were at one time a status symbol. 