By Jacky Rowland in Belgrade

The recent killing of the notorious Serb paramilitary leader and gangster, Zeljko "Arkan" Raznatovic, has thrown the spotlight on the new financial elite in Serbia.

These are people who have made their money in the last 10 years, through dubious business deals and by busting international sanctions against Belgrade.

The huge wealth amassed by this small group of individuals has given them considerable power and has put them above the law.

'Businessmen'

The nouveaux riches like to flaunt their money, but they do not want to discuss where it came from.

They call themselves "businessmen" - business which often consists of smuggling, black marketeering and protection rackets.

International sanctions which punish ordinary people are enriching these entrepreneurs.

The opposition is screaming for the embargo on oil and other goods to be lifted, but many people in high places are quite happy for it to remain.

The nouveaux riches can be found in the few select shopping malls in Belgrade. That is where Italian designer boutiques offer solutions to the dilemma of how to spend one's cash.

The prices here would raise eyebrows even in London: it is easy to spend twice the average monthly Serbian income on a pair of shoes.

There has been an upsurge of interest in cosmetic surgery among Serbian high society.

A number of politicians' wives have benefited from appearance-enhancing treatments, including breast implants, liposuction and "nose-jobs".

"These people have so much money they don't know what to do with it," says Bratislav Grubacic, a political analyst.

"They've bought houses, they've bought cars, now they want to buy back their youth."

There is no shortage of wannabes: young men and young women who see Arkan and his lavish lifestyle as a role model.

Many girls have embarked on a career as a model in the hope that their looks will take them places, preferably away from Serbia.

In the meantime, there is at least the chance of earning some decent money: a model can earn more in a day than a factory worker earns in a month.

"Education and spiritual values don't count in Serbia today," said Nebojsa Grncarski, a successful male model.

"All that counts is money and material things, and it doesn't matter how you get them."

Getting ahead on TV

A visit to the studios of the television station, TV Pink, will introduce you to the get-rich-quick philosophy of President Slobodan Milosevic's Serbia.

The station is run by a close associate of the president's wife, Mira Markovic. Arkan's widow, the top folk singer, Ceca, used to make regular appearances.

For aspiring actors and pop stars there's a simple lesson: if you want to get ahead, get on TV Pink.

At the other end of the spectrum there are the newly poor of Serbia. These are people who used to have a middle class lifestyle, but whose standard of living has fallen steadily during the 10 years of President Milosevic's rule.

Old people receive their pensions many months late, while some of the needy do not receive social benefits at all.

Workers have seen the real value of their wages fall as the Yugoslav dinar has grown weaker.

These people see no way out of the poverty trap and long for political change. But as long as the system continues to benefit the rich and the powerful, there is little chance of reforms.