The Best Social Network for Billionaires is… Facebook?

The Wall Street Journal’s Wealth Report section today discusses elite online networks such as aSmallWorld.net and a new site called Diamond Lounge. The main gist of the piece is that it’s a challenge for administrators of these networks to keep the membership from regressing to the social and financial mean.

What jumped out to me was a quote from Sheikh Majed Al-Sabah, a wealthy Kuwaiti.

Sheikh Majed Al-Sabah, a prominent Kuwaiti who owns a Middle East fashion retailer, is a member of both aSmallWorld and Diamond Lounge. He says he joined the Lounge hoping for a more “exclusive” experience. Still, he says, he’s getting some of his most valuable contacts and feedback for his business from a much broader networking site: Facebook.

“It’s strange, but a lot of my friends are joining Facebook,” he says, adding that “I get feedback from people who normally wouldn’t have access to me.”

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