The term "ultimate status symbol" refers to an item or a possession that is highly desirable and considered as a representation of wealth, power, success, and social standing. It's something that sets someone apart from others and signifies their elite status in society. This could be anything from a luxury car or yacht, to a rare piece of jewelry or artwork, to membership at an exclusive club or resort. The phrase suggests that having this item grants the owner a sense of prestige and admiration from others, making it the ultimate symbol of success in one's chosen field or lifestyle.