Millionaires Embrace Social Media More than Other Americans Do, Poll Shows
A greater percentage of U.S. millionaires use social media than average Americans do, but the wealthy spend less time on such sites, according to a new poll.
The poll, by investment firm SEI, found that 70 percent of the wealthy people surveyed—those with more than $5 million in investible assets—use Facebook, YouTube, LinkedIn and other social media sites. That compares with 61 percent of all American adults, according to report from the Pew Research Center.
However, the SEI poll showed that just 17 percent of the wealthy respondents use social media each day. According to the Pew report, 38 percent of American adults had used a social networking site in the previous 24 hours.
For the most part, the rich view social media as a personal activity rather than a business tool, the poll shows. Fifty-one percent of the millionaire Facebook users indicated their accounts are for personal use. However, some of rich Americans would just as soon do without social networking altogether—nearly one-third of them said they don’t have time for it.
SEI surveyed 46 millionaires.