Extending the common deception tropes found in other romances, romances between those of differing socioeconomic class often involve a character lying about their status. Due to class difference acting as a barrier between romantic leads, this deception serve as attempt to surmount this barrier.
In the above clip, we see Aladdin wishing to be a prince, so that he may woo the Princess Jasmine. Like most attempts by romance characters to deceive others, his deception is eventually discovered.
When Jasmine confronts Aladdin, he doubles down on his lie. However, what is most interesting is what he lies about. The idea of royalty disguising themselves in public does not come from nowhere; Jasmine met Aladdin when she was in the streets of Agrabah in the guise of a commoner. His expectation and thus performance of someone of royal birth is derives from the only royal he has ever met.
From this example, we see that the bearings of nobility and wealth are subjective. What matters most in being accepted by others as being part of a high socioeconomic class is how well one can play the part in imitating someone of that class, in appearance as well as mannerisms. This deception of status is based on fulfilling the expectations of others.