One thing was as clear in his mind as the crystal decanters at the Villeroy and Boch’s stand. “They’re not talking about rouble millionaires,” he said, sidling off to ogle a $700,000 (£394,000) speedboat.

Nikolai, 33, who described himself as an “aspiring dollar millionaire”, was one of about 15,000 people who have been to the fair since it opened on Saturday, paying 1,000 roubles (£20) a head for the privilege.

Thousands of Moscow’s glitterati in black ties and ball gowns crowded into the Crocus City Expo Centre for the opening night, which included a live performance by Bryan Ferry.

Among them was Ksenia Sobchak, the daughter of the former Mayor of St Petersburg. She is Russia’s closest thing to an “It” girl, and also had an eye for the yellow Hummer.

“This little car is not a bad one,” she said. “I was eager to see her in reality because all of my friends have already ordered it by catalogue, but they have no idea what it looks like.”

By yesterday the crowds had dwindled to a trickle in the luxury brand business, plus a few middle-class Russians, despite the lure of a private performance by the cast of Cats. But the exhibition was still an extraordinary testament to the purchasing power — and enduringly dubious tastes — of the new Russian elite.

Moscow’s 33 resident billionaires — the oligarchs who made vast fortunes in buying state assets on the cheap in the 1990s — have been keeping a relatively low profile since the oil tycoon Mikhail Khodorkovsky was jailed for eight years in May. Russia’s estimated 88,000 dollar millionaires, however, are as eager as ever to display their newfound wealth, especially those from the provinces with less exposure to Western tastes.

The idea behind the Millionaire Fair — which has been held in Amsterdam for the past three years — was to show them what to buy and where to buy it.

“Maybe there’s someone who already has Da Vinci jewellery but might be interested in buying a horse or a helicopter,” Bettina von Schlippe, the director of Millionaire Fair in Moscow, said. “It’s the business elite, people in government, the beau monde of artists and actors. Some of them have come two days in a row.”

And they did not come just to look.

One unidentified visitor bought an island for $10 million, according to Derek Sauer, CEO of Independent Media, which co-organised the event.

Another was in negotiations over the purchase of “Moscow” island — one of 300 in a man-made archipelago, built in the shape of a map of the world, off the coast of Dubai.

Each is named according to its location on the map.

“They’re just piles of sand, but you can do what you want with them,” said Dmitry Antonov, a representative for the agent. Another unidentified businessman bought a well-bred Turkmen horse for $1.5 million, the organisers said.

“Rich people love beautiful things — and this horse is a diamond,” said Vitaly Andru- chevich, its trainer, as he paraded the animal around a makeshift paddock in the exhibition centre.

For the likes of Nikolai, there were a few things on offer for less than $1 million.

One company called Laser Aesthetic was offering to transplant hair from his backside to his bald patch for $20,000.

At the other end of the hall, two girls in swimsuits reclined in a $40,000 seven-seater whirlpool bath, designed to be used outdoors. “You can have quite a party in there,” Nadi Tsyplova, the sales assistant, said with a giggle.

Some of the stands reflected more sophisticated tastes — one was promoting yoga and holistic massage, another allowed people to test their golf skills on an electronic driving range.

But there were still plenty of signs of good old-fashioned new Russian extravagance.

At the Macallan whisky stand, one businessman paid $2,000 in cash, on the spot, for a bottle of 1965 single malt — even though it was not technically for sale.

“He didn’t know anything about whisky — he just had a lot of money and he had to catch a plane,” the sales manager said.

And at the lowest end of the taste scale, there was a man’s suit made entirely of one dollar bills, and a matching woman’s suit made of 100 rouble notes — selling for $15,000 for the pair.

Rich wish list

Murmansk Island: $30m

One-acre Green Estates landscape garden: $5m

Bell six-seater helicopter: $2.5m

23-carat diamond “peace pen”: $1.2m

Turkmen stallion: $1.5m

Top Gun speedboat: $700,000

Mercedes Maclaren SLR: $700,000

1926 Macallan Single Malt whisky: $50,000

Seven-seater outdoor whirlpool spa: $40,000

Laser hair therapy: $20,000

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