Affluent investors and business owners stay connected to LinkedIn.
LinkedIn usage over the past year has more than doubled among Mass Affluent investors, according to a new social media study conducted by Millionaire Corner/Spectrem group. As of June, in households with a net worth between $100,000 and $1 million (not including primary residence), 22 percent use the world’s largest online professional network, up from 10 percent last December.
Usage increased eight percent over the six month period in Ultra High Net Worth households with a net worth between $5 million and $24.9 million.
LinkedIn was launched in 2003. Its primary focuses are networking and establishing business contacts, recruiting talent and hiring. Less than five percent use the site to seek financial information, but this is expected to increase, especially for those younger than 55, according to our research.
Facebook remains the dominant social media across all wealth levels surveyed by Millionaire Corner, but given that LinkedIn is perceived as being a business community compared to Facebook, it is not surprising that this is widely used by Affluent Investors. Of the 19 percent of Millionaire investors who use LinkedIn, nearly a quarter (25 percent) are professionals and business owners who are most likely to want to advance their careers or seek the most qualified employees, respectively.
According to the most recent data provided by LinkedIn, it has 119 million members worldwide. Its membership has increased by 17.3 percent since last January. Nearly 59 percent of the site’s users are male, while 70 percent are between the ages of 25 and 54. Globally, North America and Europe comprise 68 percent of LinkedIn users, but usage in areas such as Africa and Latin America have grown more. Brazil has posted the most growth (40.2) percent. Its five million LinkedIn users have surpassed Canada (4.2 million users).
Over 40 percent of LinkedIn’s users work in companies with more than 10,000 employees. This figure increases to 56 percent in Asia. The industries with the highest concentration include High Tech (15.3%), Finance (12.9%) and Manufacturing (9.8%).Over 40% of its members is a Manager, Director, Owner, Chief Officer or Vice President.
About 12 percent are Entrepreneurs, followed by Sales representatives (10 percent), Academics and Administrative personnel (9 percent each) and Operations (8.4 percent).