Social media getting popular among millionaires – spectrum survey
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Social media getting popular among millionaires – spectrum survey

Social media getting popular among millionaires – spectrum survey

Social media is a raze with everyone and this includes millionaires too. Increasing number of millionaires are getting used to social media sites with Facebook being their chosen preference. A survey conducted by Spectrum group points that millionaires have taken to using social media in large numbers. Infact, of the total number of millionaires surveyed by Spectrum, three fourth were found to be using social media sites.

Of the 1300 millionaires interviewed by Spectrum 57 percent were found to be using Facebook. 41 percent used LinkedIn while 10 percent used Twitter.


Infact, the craze of social media is so much among the millionaires that wealthy are using it at the same rate as the non wealthy, points out George Walper, the  President of Spectrum.

In millionaires aged under 35, 81 percent were found to be using Facebook while the user of LinkedIn and Twitter were 32 and 5 percent respectively.


The use of social media sites among the millionaires has been growing steadily for the past four years. In 2010 the same was 26 percent and has increased to 55 percent lately. The use of LinkedIn which was 34 percent from 2010 to 2013 has also reached a high of 41 percent in 2014.

Twitter use has almost doubled from 5 to 10 percent among the millionaires during this quarter though going by numbers the growth does not seem significant in this case.

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It is not as if all the millionaires are using social media sites. Spectrum also interviewed some people who were not conversant with the spread of social media. 53 percent of these millionaires pointed out that that they did not use social media sites as they did not find any point in using these sites.

Among the millionaires too those active in business were found to be prolific users of social media sites. Corporate executives were found to be most active on social media websites as LinkedIn and YouTube.

Another interesting question which came up during the survey was the reason for which these millionaires used these social media websites. Though sharing exclusive vacation pictures was a keen hobby among the millionaires many of them used sites as Facebook and Twitter to keep themselves updated with the latest developments in financial sector. 12 percent of the millionaires were found to be using these social media websites for following financial investment news.

Financial advisors however point out that the use of social media websites should be promoted among millionaires as this makes for an opportunity to keep oneself updated on news in the financial and investment sector.

The millionaires interviewed in the survey had assets worth $1 Million, as per Spectrum.




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