Social Status symbol

I found case 1.3 particularly interesting. Here, a small technological advance made in numbers completely alters a traditional social structure. Since the missionaries had brought a much better version of the stone axe, the steel axe, in big quantities, the elders no longer are revered for their axes, which were once very rare. The axe, due to intervention of the missionaries, lost its exclusivity hence its value among the Yir Yoront people. It also lost its ability to show high social status

This example is analogous to what I have come to experience during my stay in Cambodia. In Cambodia, a big expensive luxury car is sign of high social status. High ranking officials will “strangely” all have expensive Land cruisers, Lexus or Mercedes. ( I say strangely because Cambodia is a poor country and because government salaries are very low). It is social status symbol.

Now, what prompted me to think about this example, is the following question. Will the car still be a social status symbol as more people in are able to afford expensive cars in Cambodia? Is the car a social status symbol in the US? Or in other developed countries?