If you use Facebook to keep up with your social circle, and LinkedIn with your professional circle, you’re no different from your highly affluent clients.
A study by Spectrem’s Millionaire Corner found that affluent investors tend to view these sites pretty much as they were intended, with Facebook a true “social network” and LinkedIn a professional network. Between 98% and 99% of respondents said Facebook was a social site, compared with 84% who said Twitter was social and 78% who said LinkedIn was social.
However, the study found ultrahigh-net-worth respondents, those with net worth higher than $5 million, were more likely to see LinkedIn as a social website than other income groups.
The study found social media use overall drops as income increases. The mass affluent respondents in the study, those with between $100,000 and $1 million in net worth, were most likely to have a social media account at 74%. About 70% of millionaires, who have between $1 million and $5 million, and 69% of ultrahigh-net-worth respondents had accounts. Facebook was the most commonly used site, followed by LinkedIn and YouTube.
More than 60% of mass affluent respondents say they use Facebook, and about two-thirds of those use the site at least once a day. Among millionaires, 55% use Facebook, but they are less likely than the mass affluent to visit the site daily. Just 56% said they viewed the site at least once a day. Half of UHNW respondents said they visit Facebook once a day or more.