What does Genesis 41:42 mean?
Pharaoh has appointed Joseph to serve as his second-in-command over all the kingdom of Egypt (Genesis 41:38–41). Some scholars suggest that Joseph is being given the official Egyptian office of "vizier."To demonstrate Joseph's new position and authority, the Pharaoh gives to Joseph his own signet ring. These were used to sign or seal documents, using a unique pattern (Genesis 38:15–18, 25–26). Joseph is also given fine clothes and a gold chain or decorative collar around his neck. Joseph would not only fill the role of Egypt's de facto ruler—the person truly in charge of the nation—he would look the part and enjoy the benefits, as well.
These steps are also important for the sake of Egyptian culture; a government official would have been expected to look a certain way. To complete this integration into society, Pharaoh will also give Joseph an Egyptian name and an Egyptian wife (Genesis 41:45).