One Third of Millionaires Use Social Media |
| One Third of Millionaires Use Social Media Posted: 16 Jun 2011 11:28 AM PDT We know the wealthy like to use the web for food, news and porn. It turns out, they also are big users of social media.
According to a survey of millionaires from Fidelity Investments, 85% of respondents use text-messaging, smartphone applications and social media. One third use social media professionally, with 28% using LinkedIn. (Perhaps to chat with their fellow Linked rich-guy Reid Hoffman, left). The average age of the millionaire respondents was 56. The finding disproves one of the enduring myths about the rich: that they are obsessed with privacy. Of course, millionaires may not be advertising their wealth online. It isn’t like there is a "millionaire" or "billionaire" label on Facebook. And the fact that they are using social-media professionally (especially LinkedIn) implies that their use is highly controlled. But the fact that so many of them are putting their profiles online shows that opportunities from online networks may now be outweighing the potential privacy costs. On a recent trip to Aspen recently, I was amazed at how many of the ultrarich people would comment on each-others' Facebook updates. Do you think the wealthy should worry about privacy online?
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