Social Media Ain’t Really Popular with the Affluent

The rich and the famous never have time for anyone. It is not something new, but analysts of social marketing and social networks have begun to realize that millionaires hardly use Facebook and other social networking sites because they do not have much time in their hands. However, wealthy individuals have also been found to be engaged in social media more than the average Joe.

According to a poll from SEI Wealth Network, a wealth-advisory firm 70% of the people with more than $5 million in investible assets use Facebook. General population has a presence of just 61%. However, it showed that the rich do not spend as much time as their poorer counterparts on the social networking sites.

Of course, the rich use the social media but it is just that they are just too busy than the average Joe to keep liking and reading every status message that someone puts up. Many of the rich also revealed that they used the social networking sites for personal reasons rather than business ones. It could prove to be a tacky situation for online advertisers who depend on the rich to buy luxury products.

Via: Wall Street Journal

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