The trait means that your family is one of great status. Some professions may require this trait. Do note that status alone does not mean that one is wealthy. That trait must be chosen in addition for one to be both wealthy and of great status.
+1: A police officer, mid-level corporate manager, squire or similar.
+2: A politician, famous artist, knighted individual or corporate lead for a smaller corporation.
+3: A high ranking official, famous actor, baron or other high ranking noble. Alternatively high-level manager for a major corporation.
+4: Belonging to the family of the CEO of a major corporation, relative of a ruler or holding a ducal title.
Levels 5 and 6 are reserved for actual kings and emperors.