Russian Tycoon to Launch Magazine for Snobs

Russian precious metals mogul Mikhail Prokhorov, ranked as the 24th richest man in the world with a $22 billion fortune, is set to launch a magazine called Snob for his fellow plutocrats. Prokhorov plans to invest $150 million in the venture, which will eventually include a website and TV station as well, Reuters reports. Andrei Shmarov, who's helming the project, says the magazine will be for "people who are successful and those who want to be successful."

Shmarov is at pains to point out that in Russia, "snob" isn't a pejorative term. "Snob to us means a person who is a 'self-made man', a person who has gained a right to snobbishness," he explains. "It's not pleasant to boast about your wealth when you have inherited it but when you have made it yourself, well it is still not very nice, but it is justified." At least in a country where a measly billion dollars won't even land you a spot on the rich list. Check out their competition below.