Millionaires Have No Time for Facebook
A new poll suggests that a majority of millionaires have signed up for social media sites. There is just one problem: They don’t have time to actually use them.
The poll from SEI Wealth Network, a wealth-advisory firm, showed that 70% of respondents with $5 million or more in investible assets are users of Facebook and other social media sites. That is more than the 61% of the broader population who use such sites.
SEI touted the results as proof that the rich are social-media animals. “Wealthy individuals are engaged with social media even more than the rest of the American public,” said David McLaughlin, Senior Managing Director for the SEI Wealth Network
That would be true–if the wealthy spent time on the sites. But the poll also showed that only 17% of the multimillionaires use the sites on a daily basis. That is far less than the broader population, in which 38% use such sites at least once a day.
The main reason: the wealthy are squeezed for time. Apparently, catching up with old high-school friends and adopting virtual sheep on FarmVille is less of a priority that running a business or trying to stem the losses on a $10 million portfolio of hedge-funds and stocks.
For those who do have time, Facebook is the preferred site of multimillionaires, with half saying they are users. A little more than a third use Youtube and another third uses LinkedIn. Most of the respondents said they use the sites for personal, rather than business reasons.