The clip has already been viewed almost one million times and has attracted hundreds of comments.
But while some social media users found the stunt funny, others attacked the teens.
"This is disgusting. They should be ashamed," one person wrote, while another posted: "Some people are so poor that all they have is money".
Another added: "Bunch of idiots, there's people on the streets dying from hunger and these retards enjoying their money by throwing it in the air."
The video was also posted on the Richrussiankids Facebook page — but it may come back to haunt the driver at least, with local Russian media reporting that police are looking for the group as they suspect the driver may be underage.
The account, which has one million followers, features the insane lives of the children of Russia's oligarchs.
Photos shared on the site regularly show young people jetting off to the world's most luxurious locations as well as posing alongside private jets, yachts and luxury cars.
Wads of cash is another common theme, as is high-end watches, champagne, luxury fashion and exotic animals.
The Instagram account, which was created anonymously, features a bio which explains it is a "blog about a luxurious idle life, crossed with Russian realities".
While the nation's richest young people enjoy a pampered existence, the country is plagued by inequality.
The richest 10 per cent of Russia's population is believed to control three quarters of its wealth — and meanwhile, the middle class is dwindling, and poverty among the population of 144 million is on the rise.
Nevertheless, the popularity of "Rich Kids" social media accounts featuring wealthy teens from various countries shows no sign of stopping.
The Rich Kids of Dubai page, for example, has 226,000 followers while the Rich Kids Of Saudi account also has thousands of fans.
Similar accounts also exist in countries including Italy, Iran and even Australia.
