In my opinion the phenomenon of chasing after wealth and social status is on its peak in our contemporary times. From individuals to governments on each level the race is on. Regardless of which measures one has to take, it is important for people to maintain the social status of other's choice, the one which others will appreciate and that is an irony "living your life according to the standards set by others".
Justification of the pursuit of status varies from person to person and motives. For example, for the category described in my previous part of the answer it is not worthwhile as in the end nothing will benefit this class. If someone is doing that for the right reasons and in the right way, to some extent it can be accepted as worthwhile.