From The LA Times:

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.

I would be willing to bet a lot of money that all eight of them are investment bankers.