SOURCE: Spectrem Group

August 16, 2011 08:00 ET

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, IL--(Marketwire - Aug 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 ( 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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