Millionaires Love Facebook, Ignore Twitter

Millionaires Love Facebook, Ignore Twitter

Millionaires are all about social media – but they much prefer Facebook to Twitter.

In a Spectrum Group survey, 1,300 millionaires were interviewed about their social media habits.

Well over half (57 percent) of the millionaires surveyed say they use Facebook, and 41 percent use LinkedIn. However, just 10 percent say they use Twitter, by far the least popular network among the wealthy. This 10 percent represents a doubling in growth among millionaires, though, as Twitter use among millionaires grew from 5 percent in 2010 to 10 percent this year.

Those millionaires who do use Twitter are using it quite frequently: 38 percent log in daily. 36 percent follow athletes, a category which tied with news commentators as the most-followed group. One quarter follows movie stars, and only 12 percent follow financial or investment commentators on Twitter.

Millionaires seem to use social media at the same rate as non-millionaires, indicating that wealth doesn’t affect social media usage. The survey instead showed that age and occupation were better indicators.

More younger millionaires (under 35) used all three networks than their older (65 plus) counterparts. And business owners were more active on social media than other professions.

Of those millionaires who don’t use social media, 53 percent said it was because they didn’t see the value in using it, and half said that social media is a waste of time.

(Millionaire image via Shutterstock)