Russia’s elites and super-rich tycoons are constantly looking for new ways to flaunt their wealth. Soon they’ll have a magazine, aptly named Snob, to help them.

Snob is the brainchild of billionaire bachelor Mikhail Prokhorov.

“Those people who are the elite of Russia need some kind of fetish and a new way to communicate,” he said in an interview with Russia Today.

The first issue of Snob is expected in July, and a social networking website and television station may follow later in the year.

Not surprisingly, the creators don’t intend to cut corners – $US150 MLN will be invested in the network by Prokhorov and partners.

According to Prokhorov, to the Russian ear the word ‘snob’ does not have such negative connotations.

“Snob to us means a person who is a 'self-made man', a person who has gained a right to snobbishness,” he said emphasising the main difference with the British meaning which he said referred to inherited wealth.

With an estimated fortune of $US 22 billion, Prokhorov has been described as Russia’s most eligible bachelor, and on THE Forbes Rich List he is ranked as the 24th richest person in the world.