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If You're Rich, You're on Facebook

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If You're Rich, You're on Facebook

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The number of millionaires on Facebook has nearly doubled in the last year, illustrating that the rich seem to love the social network more than others, a study said.

The study from the Spectrem Group says that the number of millionaires jumped from 26 percent in November 2010 to 46 percent in June.

“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,” George H. Walper, Jr., President of Spectrem Group, said in a statement.  

The company has three categories of rich: mass affluent, with a net worth of $100,000 to $1 million; the millionaires, $1  to $5 million; and ultra-high net worth, with $5 to $25 million. About 55 percent of the mass affluent are on Facebook, with 46 and 47 percent of millionaires and the ultra-high net worth, respectively, according to ZDNet.

While the wealthy have a healthy presence on Facebook, they seem not to be as interested in Twitter -- only 5 percent of mass affluent, 3 percent of millionaires and 6 percent of the ultra-high net worth like to tweet. They are more interested in LinkedIn, with 22, 19 and 26 percent respectively.

It probably isn't surprising that Facebook is more popular than Twitter among the wealthy. Facebook allows more intimate connections and social networking while Twitter seems to be more popular as a marketing tool -- something the wealthy would use for their business, but not their personal accounts.

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