Over the last half century, the dominant view in European archaeology has been that Upper Paleolithic societies were highly mobile egalitarian groups. While this model may be accurate for resource poor areas, it is increasingly evident that in some rich refugia like the Dordogne and Charente, more complex societies existed that exhibited transegalitarian types of characteristics including socioeconomic inequalities. Ethnographically, it is in the context of transegalitarian types of societies that unique features occur such as rich burials, prestige items, feasting, complex astronomical observations, elaborate numbering systems, rituals in deep caves, and other special features of the French Southwest Upper Paleolithic. Indeed, due to the socioeconomic dynamics involved, these features make the most sense as part of transegalitarian societies, whereas both the dynamics and these features are rare or are completely lacking among ethnographic egalitarian foragers. This paper re-assesses the status of Upper Paleolithic hunter/gatherers from the transegalitarian perspective. It focuses particular attention on the role and importance of prestige items making the important distinction between communal ritual prestige items and individual status prestige items. Ten other key features are discussed briefly that indicate the existence of complex hunter/gatherers in the Upper Paleolithic.