Many of my friends practise polygyny and I feel challenged. Should I follow for the sake of status?

Practising polygyny because you feel challenged, want to be accepted, or are chasing status is a weak intention and unfair to everyone involved. Every household is different, and what you see of others is only the outside. Allah says: “And do not covet that in which Allah has favoured some of you over others” (Surah an-Nisa' 4:32). A decision this big should come from responsibility and ability, not peer pressure. Think of the effect on your wife and children, not the views of outsiders. If you feel lacking, resolve that feeling through self-reflection and gratitude, not by adding a burden you cannot yet carry. See critical wisdom.