A dozen entrepreneurs Friday formed the Russian Club of Young Millionaires to combat what one founder described as mistreatment of rich people in the Soviet Union.

Gherman Sterligovy, who bragged that he earned his first million rubles in one month by trading on the fledgling Moscow Building Materials Exchange, said a main goal of the club will be to teach fellow Soviets that it is all right to have a lot of money.Sterligovy explained that only three of the club's 12 co-founders appeared at the news conference because the other nine "preferred to remain anonymous," though he provided "assurances that they earned their millions legally."

The club is limited to men age 35 or younger and does not accept members of the Communist Party. Sterligovy and his partners refused to explain why they do not allow women to join.