How do ultra high net worth households use Twitter and who are they following?
Twitter usage by ultra high net worth individuals has nearly doubled in the past year, according to a new social media and mobile technology wealth level study conducted by Spectrem’s Millionaire Corner. How do they use it and who are they following?
Thirteen percent of households with a net worth between $5 million and $24.9 million (not including primary residence) use Twitter, up from 7 percent in 2013. In comparison, nearly half use Facebook and professional networking site LinkedIn (46 percent and 45 percent, respectively), while 24 percent use YouTube. Three-in-ten report using no social media at all.
As with all ultra high net worth social media usage, Twitter users tend to be younger. Of that 13 percent who use Twitter, 36 percent are under the age of 45 while 31 percent are between the ages of 45-54, vs 16 percent of Baby Boomers ages 55-64 and just 8 percent of those 65 and older.
While not the most-frequented social media platform, Twitter’s immediacy lends itself to more frequent checking. Half of ultra high net worth users check their Twitter account on their PC or Mac at least once a day, which is comparable to the amount of times they check in with Facebook. There is a sharp drop in the frequency with which they check in at least once daily on Instagram (24 percent), Google Plus (23 percent) and LinkedIn (18 percent).
Six-in-ten ultra high net worth Twitter users frequent the site for observation only. Three-in-ten occasionally share information with others, while just 10 percent identify themselves as active Twitter participants. Again, age is a factor in how these wealthy Twitter users describe their interaction with the site, with 50 percent of those under 45 reporting they are active participants, compared with just 11 percent of Baby Boomers. The highest percentage (72 percent) of those who say they use the site for observation only are 65 and over.
Who do they follow on Twitter? Six-in-ten (59 percent) follow family or friends. More than four-in-ten (45 percent) follow political commentators, while 40 percent follow news pundits. Almost one-fourth follow financial and/or investment commentators and 20 percent athletes. Only 8 percent follow movie stars’ tweets.
The highest percentage (50 percent) of those who follow news pundits are ages 54 and under, while those between 45-54 are the most likely to follow financial and/or investment commentators (36 percent). Four-in-ten of those under the age of 45 follow athletes, compared with 28 percent of Baby Boomers and 18 percent of 45-54 year-olds. The youngest ultra high net worth Twitter users are also most likely to follow movie stars on Twitter (20 percent).
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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.