Investing, Stocks, Economy, Apple, Real estate, Value, Google, Housing, Retirement, Income, Inflation, Passive, China, Recession, Buffett, Interest rates, Oil, Banks, Dividends, Iphone, Dividend, Housing bubble, Personal finance, Credit, Retirements.
A new crop of online social-networking sites has taken aim at the rich, seeking to create exclusive Web communities of like-moneyed friends. The sites -- essentially MySpace for millionaires -- promise safe havens for the affluent where they can flirt, swap advice, plan parties and find new pals without mixing with hoi polloi.
The sites -- the best known is aSmallWorld.net -- borrow many of their rules from blue-blood social clubs. People must be invited to join. Membership decisions seem to be based on an applicant's education, job title and connections, since it's difficult to verify wealth levels. Those who engage in improper behavior, like trying to mingle with strangers or sell products too aggressively, are kicked out.
On the surface, the sites seem like a winning idea. Social networking outposts have exploded in popularity, while the number of millionaires and billionaires is also surging. Since wealth likes to be with wealth, the rich often seek out networks to help them with everything from vacations and parties to managing money and making business contacts. What's more, the sites host frequent member events, like jet rides, vineyard tours and sailing trips, sponsored by high-end corporate partners.
-cont.
Submitted: Nov 30, 2007 Views: 231 Comments: 0 Likes: 4
View Article: http://online.wsj.com/article/SB119637905445308659.html?mod=rss_200...
Email to someone |
Print Content |
Add to reading list
