Eight iPhone owners have joined an elite clan: Their Apple 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’s speedier, sleeker and, most important, less expensive smart phone, which introduced a section for downloading third-party iPhone 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. Once downloaded, it doesn’t do much — a red icon sits on the iPhone home screen like any other application, with the subtext “I Am Rich.” Once activated, it treats the user to a large, glowing gem (pictured above). That’s about it. For a thousand dollars.

Apple apparently had some problems with I Am Rich. After initially approving it for distribution, the company has since removed it from the store. Heinrich, a German software developer, has yet to hear back from Apple concerning the removal. “I have no idea why they did it and am not aware of any violation of the rules to sell software on the App Store,” Heinrich said in an e-mail with The Times today.

Now that the iPhone is in South Africa, we all stand a chance of making some extra bucks by coding up some innovative applications!

Read More or download iPhone Applications here..