Unlike their less wealthy counterparts, ultra high net worth individuals are more likely to use the professional networking site LinkedIn as they are the more social of the social networks, Facebook
America’s high net worth households are more at home with social media, according to a new Spectrem’s Millionaire Corner wealth level study of households with a net worth between $5 million and $24.9 million (Not Including Primary Residence).
Unlike their less wealthy counterparts, ultra high net worth individuals are more likely to use the professional networking site LinkedIn as they are the more social of the social networks, Facebook (45 percent vs. 46 percent, respectively).
Facebook usage is down from last year, 46 percent from 52 percent in 2013, the study finds. LinkedIn usage is trending up from 40 percent last year to 45 percent. Even Twitter usage has nearly doubled, from 7 percent to 13 percent.
Ultra high net worth social media users like to watch. They primarily use social media platforms as observers only. The two most popular sites for this purpose are YouTube (77 percent) and Snapchat (63 percent), the site by which users post photos or videos that are visible for a prescribed limited time (currently between 1 and 10 seconds) before they are hidden and then deleted.
Six-in-ten of these wealthy social media users observe tweets on Twitter, while half log on to LinkedIn strictly to observe (four-in-ten use the photo-sharing site Instagram for observation only).
Among ultra high net worth social media users, Facebook is the site on which they are most interactive (13 percent), followed by Twitter (10 percent) and LinkedIn (6 percent).
They are more likely occasionally share on Instagram (57 percent), Facebook (50 percent) and LinkedIn (45 percent).
Who are the ultra high net worth following on Twitter? Primarily, it’s political commentators (45 percent) and news commentators (40 percent). This is in characters with multi-millionaires, who put the highest premium on attaining financial knowledge. Non-millionaire Twitter users (with at least $100,000 net worth) are more likely than their wealthier counterparts to follow athletes (36 percent) and movie stars (26 percent), In comparison, just 20 percent and 8 percent of ultra high net worth users, respectively, follow these personalities on Twitter.
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Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.