Some might say being a snob is a bad thing. “Not so!” says Russian billionaire Mikhail Prokhorov who is setting up a magazine for the super-rich, aptly titled SNOB.

The Oxford Dictionary definition of snob is “a person who has an exaggerated respect for high social position or wealth and who looks down on those regarded as socially inferior.” However, according to Prokhorov the Russian meaning for snob is “a 'self-made man', a person who has gained a right to snobbishness."

According to Reuters, Prokhorov, whose personal fortune is estimated at $22 billion, plans to spend about $150 million to start the magazine, a television station and a website. The magazine and television station will focus on lifestyle features, business news and travel, while the website has been described as an elite version of social networking site Facebook.

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