A recent survey of individuals with at least $1 million in investible assets shows that social media is not just popular amongst the masses but is equally popular amongst millionaires as well. 75% of the 1300 millionaires interviewed as part of the survey said they were active on social media.
The general perception is that social media is popular amongst youngsters and this seems to be true for millionaires as well. Amongst millionaires below the age of 35 years, Facebook usage jumps to 81% while Linkedin and Twitter found favor amongst 65% and 32% of the respondents.
Amongst millionaires above 65, Facebook was popular with roughly half the respondents using this social media site on a regular basis. Linkedin was preferred by 32% of aged millionaires while just 5% favored Twitter.
Millionaire usage of Facebook showed flat growth with the surge from 26% in 2010 to 55% in 2013 losing steam as usage grew to just 57% in 2014. Linkedin jumped from 17% in 2010 to 34% in 2013 and rose by another 7% to 41% in 2014. Twitter continues to lag as it doubles its 5% reach in 2010 to 10% in 2014.
Millionaire users are active with 50% of Facebook users using the site at least once a day. 20% of Facebook users admitted to visiting the site just once in a week. A third of Twitter users checked out their account less than once a week while 38% millionaires used it daily.
Absence of any real value was the primary reason for the 53% millionaires who are not using any social media service. Half of those not using social media opined that these sites were just a waste of time and posed risks to their privacy.
Profession wise, business owners were most active on social media while Linkedin and YouTube was the preferred choice for senior corporate executives.
A third of millionaire Twitter users followed news commentators and athletes while a mere 12% followed financial or investment commentators. This data clearly shows that wealth managers are yet to embrace social media and that there is a big opportunity waiting for those who can make smart use of social media to connect with millionaire clients on the Internet.