I Am Rich, the controversial iPhone app from 2008, is back; this time enabling Windows Phone 7 people to show how rich they really are.

The phone app first shot to fame in August 2008 on the iPhone, allowing people to spend $999 to tell their friends that they had nothing better to spend their money on other than an app that showed a little ruby on the screen and the message “I am Rich”.

The I Am Rich app lasted just a week in the Apple App Store before Apple cottoned on to the scheme and pulled the app, but not before eight people reportedly bought the app that did nothing.

Now 2 years later, the same developer is keen to try the same trick on Windows Phone 7 owners looking to prove something.

However, rather than a $999 price tag, it seems the world recession has taken a hit on what you can get away with; the app is listed at half its original price, now it's just $499.

Are you rich enough to splash $499 on a app that does nothing? Let us know what you think in the comments below.