The top Twitter follows for wealthy investors include financial and news commentators.
There are marked differences between social media usage of investors based on wealth, a new Spectrem study on wealth segmentation reveals.
In its study, Using Social Media and Mobile Technology in Financial Decisions, Spectrem founded out just how investors use social media, determined which sites are most popular, and found out how those investors use the social media sites once they are on them.
Among Mass Affluent investors with a net worth of $100,000 to $1 million, 67 percent have Facebook accounts, 38 percent are on LinkedIn and 33 percent are on YouTube. Only 16 percent have Twitter accounts.
Meanwhile, Ultra High Net Worth investors with a net worth between $5 million and $25 million are far less interested in Facebook (50 percent to Mass Affluent’s 67), but more invested in LinkedIn (42 percent to 38). Only 27 percent of UHNW investors use YouTube and only 11 percent use Twitter.
(To see the entire report, click here)
UHNW investors spend less time in the chase for movie star news than Mass Affluent investors. While 43 percent of Mass Affluent Twitter users follow movie stars, only 19 percent of UHNW investors do so. The UHNW investors are more interested in news commentators (29 percent) and political commentators (26 percent) than in movie stars (19 percent).
Interestingly, UHNW investors think Twitter is more likely to give them financial or investment news than LinkedIn. Asked to use a 100-point scale to rate each social media site for the possibility of using it to acquire financial information, Twitter ended up at 18.84 (with 0 being “not at all’’ and 100 being “very likely”) while LinkedIn was at 15.39 and Facebook was at 10.56. YouTube actually rated very close to Twitter at 17.45.
Young investors are more invested in LinkedIn than any other age group. Among investors under the age of 49, 62 have LinkedIn accounts and 56 percent use YouTube, but only 50 percent are on Facebook. The youngest investors do use Twitter more than any other age group (38 percent to 11 percent overall).
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.