Although I would like to say that social status is less important, in all honesty it is not. If your social status or reputation aren't up to par by most "normal" standards, it can impact your ability to earn an income, and therefore impact your ability to provide for your family. Your reputation is everything. It can make or break you in the business world.
Do I think it is fair that one's social status should be tied to their ability to earn income? No, most definitely not. However, it is the way society is ran. If a business owner has a reputation of being an incorrigible, low-class, scandalous old miser, more often than not they will suffer in business. In contrast, if a business owner is known as a high society, caring, humanitarian, more people will do business with the company because the owner is respected.