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

Russian 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.