Spectrem Group Release 8-16-11
FOR IMMEDIATE RELEASE
Contact:
Sharon Bially, (508) 655-2676
sharon@farrellkramer.com
MILLIONAIRES’ USE OF FACEBOOK HAS NEARLY DOUBLED SINCE LAST
YEAR
Blogs Rank As Important Source of Financial Information for Wealthiest Americans
LinkedIn Also Popular Among the Wealthy
CHICAGO, August 16, 2011 – Financial advisors take notice: the nation’s millionaires
have logged onto Facebook.
The percentage of U.S. millionaires using Facebook in 2011 has nearly doubled to 46%,
from 26% using the social network in 2010, according to “Social Media and Affluent
Households,” a Spectrem eZine report released today. Millionaires are defined as having
a net worth of $1 million to $5 million, not including primary residence (NIPR).
Similarly, 47% of Ultra High Net Worth investors, those with a net worth of $5 million to
$25 million NIPR, and 55% of the mass affluent, who have a net worth of $100,000 to $1
million NIPR, are also using Facebook.
Blogs rank as another good way to reach the wealthiest Americans. Nearly one-third
(30%) of UHNW investors say they either read or would read blogs by trusted financial
advisors. The percentage is 20% for millionaires and 21% for the mass affluent.
“Led by Facebook, the social media era has finally arrived for the nation’s wealthiest
investors, with nearly half the nation’s millionaires now logging onto the social network.
Wealthy investors are also interested in reading blogs by trusted financial advisors. The
message is clear. Learning how to effectively use social media and financial blogs is
critical to the future success of financial services firms. Providers who fall behind run the
risk of frustrating their investors and losing customers,” said George H. Walper, Jr.,
President of Spectrem Group.
In addition to Facebook, LinkedIn is also popular among wealthy investors, with 19% of
millionaires, 26% of UHNW investors and 22% of the mass affluent using the service.
Twitter usage was smaller, with 3% of millionaires, 6% of UHNW investors and 5% of
the mass affluent using this service.
eLearning Video Available on Use of Social Media
A new video demonstrating how to use social media for financial purposes is available
today on the Spectrem's Millionaire Corner website. This video marks the launch of the
site’s eLearning section, which provides educational videos and podcasts on a range of
investing and financial topics.
The Spectrem eZine "Social Media and Affluent Households” is based on online and
telephone surveys of the financial decision-makers of 1,294 households with a net worth
of $1 million to $5 million, not including primary residence (NIPR), 439 households with
a net worth of $5 million to $25 million (NIPR) and 1,269 households with a net worth of
$100,000 to $1 million (NIPR). The surveys were conducted in November 2010 and June
2011. The data have a margin of error of plus or minus 2.9 percentage points.
About Spectrem’s Millionaire Corner
Spectrem's Millionaire Corner website (www.millionairecorner.com) is a powerful source
for up-to-the-minute news and information for investors, about investors designed to fuel
financial growth. It incorporates Spectrem Group research as well as outside
information. In the future, the site will offer financial advisor referrals.
About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent and retirement
markets, integrating proprietary research with expertise in building business, marketing
and M&A strategies. Its professionals have held senior management positions at leading
global companies.
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