Do you own an iPhone? New study says you're probably rich

Do you own an iPhone? New study says you're probably rich

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. The economists inferred demographics based on people's media consumption and consumer behavior and found that "no individual brand is as predictive of being high-income as owning an Apple iPhone".

"Knowing whether someone owns an iPad in 2016 allows us to guess correctly whether the person is in the top or bottom income quartile 69 percent of the time", they also said. The research was conducted on 6,394 people using data from 2016.

Last year's line-up of Apple handsets started at a hefty £699 ($908), rising to £1,149 ($1,493) for the top version of the swanky iPhone X model.

The study measured common predictors of wealth, according to Mashable.

IPad ownership was the second biggest indicator of wealth, followed by USA broadband provider Verizon Wireless, and then Android phones. In 2004, the second batch of data showed Land O' Lakes Regular butter was the clearest indication you were earning good money.

Interestingly, in 1992, using Grey Poupon Dijon mustard was 62.2 percent indicative of having a higher income.

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For 2016, other significant indicators of wealth include subscribing to Verizon at 61 percent and owning a generic Android phone at 59.5 percent.

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

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

The research also compares current rich-list indicators to the nineties, and times have certainly changed.

If you use dishwasher detergent, you're 69.3 percent likely to be "high income", and if you use Ziploc-style plastic bags then you're 57.5 percent likely to be loaded.

Heated vehicle seats were another big indicator, followed by the ownership of dishwasher detergents and dishwashers in general, belonging to a frequent flyer club and travelling outside the United States, as well as indulging in internet shopping for both goods and plane tickets.

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