Mikhail Prokhorov, the 24th-richest person in the world, will launch Snob, a new billionaire-center magazine, Web site and television station, this summer, according to the Reuters news agency.
The magazine and Web site will focus on lifestyle features, business news and travel, Reuters reported.
"It's for people who are successful and those who want to be successful," Andrei Shmarov, who will run Snob, told Reuters Wednesday.
Prokhorov made his $22 billion fortune through his precious metals companies - Norilsk Nickel and Polyus Gold, according to Reuters.
Shmarov told Reuters the word "snob" has a positive connotation in Russia.
"Snob to us means a person who is a 'self-made man,' a person who has gained a right to snobbishness," he told Reuters. "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."
-M.M.
