Ultra-Rich Use Internet for Financial Dealings
Best's Review (09/00) Vol. 13, No. 9 p.147; Whitney, Sally

Results from a new study by Spectrem Group finds that the affluent are more apt to use the Internet to make simple financial transactions than persons with less income. According to the study, this year alone, nearly three out of four people worth at least $5 million have turned to the Internet to get financial information. The study also showed that 22 percent of people worth $5 million or more had prior experience with conducting transactions over the Web, and 18 percent had traded securities. Of those surveyed, 8 percent said they used the Internet to buy or redeem mutual-fund shares. Most wealthy consumers cited convenience as the primary reason for using the Internet. Some 43 percent said convenience was the main driver for doing financial transactions online; 37 percent cited both the ability to track investments more easily and to save time; and 27 percent said they were drawn to the Internet because of the extra control it affords over their investments.

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