According to Robert Frank and a new poll by the SEI Wealth Network, it shows that 70% of those with 5 Million Dollars or more in assets use Facebook. This is now proof that the wealthy do use social media.

“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

Of course that would be true if they did use Facebook as the poll goes onto to show that only 17% of the multimillionaires uses it on a daily basis. That is far less than most people that use social network sites such as Facebook at least once a day.

Time plays the main role here as the wealthy have better things to do such as focusing on their portfolios or running a business for instance or even paying attention to investments and other interests.

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. Its interesting though to see who spends their time on social media and that even those who are financially stable / free, make some time to be online.