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Millionaires are signing up for Facebook in droves, but dropping out of Twitter, according to a new survey reported on by the Wall Street Journal.The survey, by Spectrem Group, found that 46% of online users with investible assets of $1 million or more are members of Facebook, up from 26% a year ago.
The number of millionaire Twitter users, on the other hand, decreased from 5% to 3%.
There are three reasons for the difference in millionaire usage between the two sites, which are often mentioned in the same breath.
First, Twitter is super open, making it tough for “control freak” millionaires to filter information. Facebook, omeanwhile, has plenty of privacy settings.
The second factor is age. From the WSJ:
According to the study, among those with $5 million or more in investible assets, the boomers are slightly more likely to use Facebook than the youngest investors — 56% vs. 50%, respectively. (Warren Buffett is an exception, of course). Twitter was generally more popular with the younger-millionaire crowd.
Finally, Twitter is a broadcasting tool, while Facebook is a networking tool. Savvy millionaires prefer the latter.