Report: Millionaires Love To Use Facebook

Millionaires love the idea of social networking sites but it seems they rarely have time to use them once they sign up.

A poll by SEI suggests that 70% of high-wealth individuals are members of social networking sites, compared with 61% for the general adult US population. Of those who use social media, one in two said they use Facebook, while 37% visit YouTube, and just under 35% use LinkedIn. Half the Facebook users said their accounts were for personal use.

David McLaughlin, senior managing director for the SEI Wealth Network, said: “Wealthy individuals are engaged with social media even more than the rest of the American public. As a company that prides itself on innovation, we’re pleased to see this constituency adapting to and even embracing changing cultural trends.”

However, almost 32% of respondents said they had no time for social media. Even those who do sign up for social networks grapple with the problem of time – presumably they’re busy making money. Just 17.4% of respondents said they use social media on a daily basis, compared with Pew’s results of 38% for the general population.

The trend doesn’t surprise me. I imagine that most wealthy individuals would be acutely aware of new tools, but be pressed for time and strict about the cost-benefit of any activity. Yet I wouldn’t read too much into the results since the sample size was quite small – SEI surveyed 46 wealthy individuals with more than $5 million in investible assets.

Photo by Alan Cleaver on Flickr, licensed for commercial use under Creative Commons.

Related Stories
Mediabistro Course

Content Marketing 101

Content Marketing 101Get hands-on content marketing training in our brand new boot camp, Content Marketing 101! Starting September 8, digital marketing and content experts will teach you the tips and tricks for creating, distributing and measuring the success of your brand's content. Sign up before August 15 and get $50 OFF registration. Register now!