CHICAGO, IL--(Marketwire - Aug 25, 2011) - Millionaires sure seem to love their iPads.
The use of iPads and other tablet computers among U.S. millionaires quadrupled to 20% as of June 2011 from 5% at the end of 2010, according to a new report "Use of Mobile Technology, Tablets, Online Tools and Social Media," released today by Spectrem Group.
Further, millionaires are spending more time on their iPads/tablets -- 11.9 hours a week -- than their smartphones (7.9 hours/week). Millionaires are defined as having a net worth of $1 million to $5 million, not including primary residence (NIPR).
"The nation's wealthiest investors are embracing iPads and other tablets, with the percentage of millionaires using these devices quadrupling in just 6 months. Further, millionaires are already spending considerably more time on their tablets than their smartphones. Clearly, financial services firms that want to stay in touch with their wealthiest clients must begin leveraging applications for iPads and other tablet devices," said George H. Walper, Jr., President of Spectrem Group.
In addition to millionaires, the use of iPads and other tablets is similar for other key wealth groups. Ultra High Net Worth investors -- those with a net worth of $5 million to $25 million, NIPR -- have tablet usage of 20% and are spending 12.3 hours a week with the devices. Mass affluent investors, those with $100,000 to $1 million in net worth (NIPR), have tablet usage of 16% and clock 13.9 hours weekly on the devices.
The most popular tablet computers are Apple's iPads, used by 83% of millionaires, 90% of UHNW investors and 83% of mass affluent investors.
Additional insights are available on Spectrem's newly launched Spectrem's Millionaire Corner website (www.millionairecorner.com). They include:
The Spectrem Group study "Use of Mobile Technology, Tablets, Online Tools and Social Media" is based on the following: an online survey of the financial decision-makers of 1,294 households with a net worth of $1 million to $5 million, (NIPR); an online survey of the financial decision-makers of 439 households with $5 million to $25 million of net worth (NIPR); and an online survey of the financial decision-makers of 1,269 households with $100,000 to $1 million of net worth (NIPR). The data have margins of error, respectively, of plus or minus 2.6, 4.6 and 2.7 percentage points.
About Spectrem's Millionaire Corner
Spectrem's Millionaire Corner website (www.millionairecorner.com) is a powerful source for up-to-the-minute news and information for investors, about investors designed to fuel financial growth. It incorporates Spectrem Group research as well as outside information. In the future, the site will offer financial advisor referrals.
About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent and retirement markets, integrating proprietary research with expertise in building business, marketing and M&A strategies. Its professionals have held senior management positions at leading global companies.
Contact Information:
Contact:
Sharon Bially
(508) 655-2676
sharon@farrellkramer.com