Rich Friends was streamed in full (with three station IDs overdubbed onto the track) on KTU.com (the website of New York, NY, USA, radio station 103.5 KTU), beginning on 14 October 2010.
French radio station Europe 1 had previously debuted a clip of the song on 8 October 2010. The DJ announced the track as coming from a "new" album, 20Ten Deluxe (which is thought to be a companion piece of the 20Ten album). An artwork for a potential single release was made, but was ultimately left unreleased when the album was shelved shortly after.
While specific recording dates are not known, it is assumed to have been recorded in early 2010 at Paisley Park Studios in Chanhassen, Minnesota.