AUDIE CORNISH, HOST:

And today's last word in business is social media for the 1 percent. Yesterday, a new social networking site called Netropolitan launched.

DAVID GREENE, HOST:

It is being described as Facebook for rich people. It was founded by an orchestra conductor in Minneapolis who says he wanted a place to talk about the finer things in life, quote, "without backlash."

CORNISH: It'll cost you $9,000 to set up a profile. After that, it will cost you a mere $3,000 a year for membership.

GREENE: Shh, don't tell them that regular Facebook is free.

CORNISH: This isn't the first someone has tried to launch a service like this. Six years ago there was Social1000. Then there was the $100 phone app known as I Am Rich.

GREENE: Well, that last one was a joke. But the makers of Netropolitan say they're completely serious. That's the Business News on MORNING EDITION from NPR News. I'm David Greene.

CORNISH: And I'm Audie Cornish. Transcript provided by NPR, Copyright NPR.