Three quarters of millionaires use social media

On average, millionaires use two social media platforms with 33% present on three or more. The most used are LinkedIn ( 47%), Facebook ( 42%) and YouTube ( 30%). But Twitter is one of the least engaged with, used by 13%, fewer than Google+ ( 17%).

The higher rate for LinkedIn is reflection of it being primarilyused for communicating with professional contacts and building professional networks and that many high net worth individuals (HNWI) are business professionals.

One in four HNWIs follows financial and investment industry thought leaders on LinkedIn.

Facebook, on the other hand, is used for communicating with friends and family by the vast majority of users ( 93%). But it is also somewhere where they follow the brands that they’re personally interested in ( 26%).

Only 3% of UK millionaires are on Instagram. However, Ledbury Research pointed to Instagram remaining one of the most appropriate platforms for luxury given the highly visual nature of the content, and one of the fastest growing.

Ledbury Research associate director, David Barks, said at a recent PAM Insight Social Media Forum: “The wealthy are not aliens; they’re using social media in much the same way as everyone else.” As a result he said that financial providers to the wealthy should not be worried about creating a presence for themselves on the right social media platform.