Wealthy Use Social Media More Than Most - SEI Poll

Wendy Connett

20 October 2010

Seventy per cent of high net worth individuals use Facebook and other social media sites, according to a poll by SEI. That's considerably more than the number of daily social media users among the general populace. According to an August report from the Pew Research Center 61 per cent of Americans ages 18 and over have used a social networking site.

SEI’s poll results make it clear, however, that wealthy individuals have a hard time squeezing in social media time. Just 17.4 per cent of respondents said they use social media on a daily basis, SEI found, while 38 percent of those surveyed by Pew had used a social networking site in the previous 24 hours.

The report will add further weight to the idea that wealth managers must harness the full potential of the internet as a part of how it interacts with clients, especially among younger people.

SEI surveyed 46 wealthy individuals with more than $5 million in investible assets. Of those surveyed that use social media, 50 per cent said they use Facebook. Thirty-seven percent said they visit YouTube, and just under 35 percent use LinkedIn.

"Wealthy individuals are engaged with social media even more than the rest of the American public," David McLaughlin, senior managing director for the SEI Wealth Network said.

For the most part, HNW individuals see social media as a personal activity rather than a business tool. More than half (51 per cent) of the Facebook users surveyed say their account is for personal use.

Not everybody is on board with the social media revolution, SEI notes. Only 31.8 per cent of the respondents said they have no time for it.