Commentary

Credit Suisse Mulls Social Net For Super Rich

Among the many trials and tribulations faced by the super-rich is the fact that they can’t go on any of the big social networks without possibly running into the riff-raff -- you know, those people worth less than nine figures, dahling. Fortunately for Buffy, Chappie, and the rest of the old yacht club crew, they may soon have a social network designed exclusively for them, courtesy of Credit Suisse.

The bank has indicated that it may launch an online social network for very high net worth individuals, according to Ad Age, which first reported the news based on a trademark filing by CS. The network, called “Eleven” in reference to the bank’s New York City address at 11 Madison Avenue, would be a platform for marketing “financial services, financial investing, venture capital, private equity, real estate, art, wine, jewelry, boats, yachts, cars and other luxury items and philanthropy.”

It could also host private auctions and provide brokerage services for transactions in these areas, as well as distribute online publications focused on finance, business, culture and current events.

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It’s worth noting the social network is currently in an exploratory phase, and it’s not clear if it will ever see the light of day.

The move comes not long after CS disclosed that it would shutter its U.S. private equity outfit, signaling a major shakeup in the company’s business strategy here.

Of course, CS isn’t the first company to hit on the idea of a social network for rich folks. Last year one such social network, Netropolitan, launched with a high bar of entry to ensure that only the well-heeled join: new members have to pay $9,000 with an annual membership fee of $3,000.

Another social network, Affluence, requires a minimum household net worth of $1 million and verifies this with an “Affluence Wealth Indication Process,” adding, “Membership is granted or denied based on this proprietary screening method.”

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