Millionaires Are Leaving Twitter For Facebook

It looks like some of the world’s most wealthy aren’t quite getting what their rich blood needs from Twitter. Millionaire’s use of Twitter has declined to only three percent from five a year ago.

The new study from Spectrem Group shows that millionaires aren’t too fond of Twitter – but they’re absolutely loving Facebook.

A “millionaire” according to this study is an online user with investible assets of $1 million or more. And these wealthy net surfers are clearly in favor of the most popular social network around.

Compared to the 26 percent of millionaires who used Facebook a year ago, there are now a whopping 46 percent of them with a profile. We’re not sure just how active they are (after all, they do have all of that money to manage), but they’re there.

LinkedIn saw no growth year-over-year in terms of the number of millionaires who signed up, staying constant at 19 percent.

One speculation as to why millionaires might be shying away from Twitter made by the Wall Street Journal is that Twitter is a more open network than Facebook, and I tend to agree. It’s possible that millionaires have seen or just intuitively feel the dangers that Twitter poses to someone in power who lets an emotional or miscalculated tweet slip. It can happen to even social media management companies working for big brands, so even money isn’t immune from a Twitter foul-up.

Facebook, on the other hand, is a closed network that gives access to information to the user him or herself. This means that a wealthy individual can choose who to connect with, and who not to.

What do you think?

Via the Wall Street Journal