Would You Spend $57,400 for a Cell Phone?

Courtesy AesirRussian billionaires are getting so rich that not even ordinary cell phones will do anymore. A Danish company has created an 18-carat, limited edition cell phone that will retail for more than $57,000. The target buyer? Moscow's fashionistas and monied elite.

Yet buyers won't get much for the 57 grand mobile device -- no email, no games, no camera and no GPS navigation. Danish company Aesir took more than three years to create the phone. Founder Thomas Jensen described it to Reuters as a collector's item.

"People are used to collecting, say, watches, while designer phones is a practically empty niche," he told the news service. The company says it will create a new model every 18 months.

The blinged-out cellphone underscores the rise of Russia's elite super wealthy. Since the fall of the Soviet Union, the richest slice of Russian society has doubled its wealth - and they are fond of spending it. In addition to 18-carat phones, private golf courses and super yachts, some of that Russian wealth is finding a home in the United States. Mikhail Prokhorov, a Russian metals baron, is the owner of basketball's New Jersey Nets.

Courtesy Aesir


Read Full Story

Markets

NASDAQ 6,867.36 4.88 0.07%
S&P 500 2,597.08 -1.95 -0.07%
DJIA 23,526.18 -64.65 -0.27%
NIKKEI 225 22,550.85 27.70 0.12%
HANG SENG 29,859.41 151.47 0.51%
DAX 13,029.31 20.76 0.16%
USD (per EUR) 1.18 0.00 -0.01%
USD (per CHF) 0.98 0.00 0.02%
JPY (per USD) 111.38 0.13 0.11%
GBP (per USD) 1.33 0.00 0.11%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.