Super-rich to get own online social network

Posted on December 7, 2015

 

Billionaires looking to shun common or garden social media sites such as Twitter and Facebook may soon have a gilt-edged alternative, courtesy of Credit Suisse.

The financial services group, based in Switzerland, is considering creating an invitation-only social media platform to serve its high-end clients, according to a recent trademark application.

Eleven – a reference to the firm’s New York address of 11 Madison Avenue – would cater to the super-rich, and offer services along the lines of private auctions and exclusive events. The entry requirements are unclear at this moment, but it’s thought that only those with personal assets of eight figures or more would qualify for an invitation.

The company filed a trademark application that was unearthed on the Justia Trademark site, which stated that Eleven would offer:

“…online social networking services [and] a website in the field of financial services, financial investing, venture capital, private equity, real estate, art, wine, jewellery, boats, yacht, cars and other luxury items and philanthropy”.

The move comes as many financial services companies begin to connect with the younger generation of self-made billionaires, and those that come into inheritances. In a recent survey, the Private Banking and Investment Group found that 72% of super-rich millennials described themselves as “self-directed” in investing their assets, with 41% receiving no financial advice.

Those of us not in the three-comma bank balance club will have to make do with Facebook, Twitter and LinkedIn until we strike it lucky on the National Lottery.

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