The site itself is built on the Ning platform, so it has all of the basic functionality that its other networks have, but DeRose says they will be looking for a developer to update it in the near future. Of course, the design and platform is irrelevant compared to the exclusivity of the company with which you're rubbing virtual elbows.

There are currently around 637 members on the site, and an additional 400 high-profile people have decided against creating a public profile but can still view all the content. Ten members are billionaires. Most of them come from Europe and the Middle East, and range from royalty and entrepreneurs to entertainers.

Some names which we had permission to disclose are Princess Elfi Odu-Dua of Benin, an international trader based in Germany; Jamal A. Al Akkad, one of the wealthiest businessmen in the Middle East; Countess Vanessa Kosta Pomponi from Monte Carlo and actor Daniel McVicar from "The Bold and the Beautiful."

The homepage, or "Lobby," plays classical music entitled "Beautiful Day" and displays online users at the top of the page. There are also widgets with content from sites like CNN, Golf Digest and Forbes.

"Unfortunately, right now I can't offer you a glass of champagne or Scotch for a welcome toast, but I sincerely hope to meet all of you very soon," Perez writes as a welcome in a sidebar.

There are various sections including "The Lounge" for live voice, video and text chat and a marketplace for buying/selling goods (some items listed now are luxury cars, jewelry, and a pair of islands in Bora Bora). There's also a "Social Diary" tracking events like galas and fundraisers, a link to view the online magazine from within the network as well as a place to blog.

To get an idea of what these folks are blogging about: one recent post seeks advice for avoiding pirates while yachting up the African coastline.

And, of course, there is always the VIP room within even an exclusive club: A new feature introduced to the site Wednesday offers a premium membership that allows members to write content for the online magazine that can include advertorials and infomercials to share their businesses and products. (Cost: $500 a year for club members and $900 a year for non-members).

DeRose says he has already gotten a slew of emails from other interested investors and bankers after reading about the site in the NY Post and thinks the site will have significantly more members in the coming months.

The first big expansion for the company, currently based in New York and London, will be in the Middle East, he says, where they've been especially popular. A series of quarterly print magazines will roll out in 2009 profiling members and places in major cities, including Paris, Berlin, Cape Town, Moscow, Rome, Copenhagen, and possibly Rio.

Amid their planning for the future, he and Perez are also working on organizing a gala in London scheduled for next spring, where about 300 members will attend and can get to know each other and conduct business in person. Think of that as a millionaire's Meetup.

By Chris Snyder for Wired.com