RUSSIA: Russia's new rich were preparing for an orgy of spending this weekend as a lavish Millionaire Fair opened beside Moscow's ring road. Oligarchs, "minigarchs" and humble millionaires are expected to spend more than half a billion euros there.
Described by its founder as a cross between Harrods and Disneyland, the fair offers all the luxury goods - from desert islands to helicopters and Turkmen stallions - that an oligarch could desire.
Moscow's elite, dizzy on the riches from Russia's petrol boom, have gained a reputation as big spenders and they will splurge a fortune this weekend.
"I really like the Russian mentality," said the fair's founder, Yves Gijrath. "They madly love spending money." The fair is also staged in Amsterdam, Shanghai and Cannes, but Russians are the biggest buyers of luxury goods, he said.
The singer Sarah Brightman performed at an invitation-only first night - Bryan Ferry was last year's star - before the hordes of rich were allowed begin shopping. The fair, held in a squat expo centre, is expecting 40,000 visitors.
There are said to be 88,000 euro millionaires in Russia, while Moscow is reputed to have more billionaires than any other city after New York. Exhibitors have searched for the brightest, shiniest and most expensive items for the event. The world's most expensive phone - a diamond encrusted model by the Swiss company Goldvish for €1.4 million - joins the most expensive car in the world, the Bugatti Veyron, also priced at €1.4 million. One customer, reportedly a Russian oligarch, swooped in to buy the Bugatti before the opening.
Only one sale of the glittering phone has been made in the world so far - to a Russian businessman at the Millionaire Fair in Cannes earlier this year.
In a country with an average monthly wage equivalent to about £210 (€312) and where a quarter of Russians live below the poverty line, the fair is seen by many as a crass flaunting of wealth. - (Guardian service)