Wealth in the age of social media

The ways in which people can accumulate and grow their wealth are forever expanding and evolving. In our Private Wealth Guide for 2022-23, for example, we featured a number of social media stars across Hertfordshire and Essex who had risen to fame – and fortune – on social media websites such as YouTube and Instagram.

The meteoric rise of the ‘influencer’ has had a powerful impact on younger generations in particular. According to a survey from Just Entrepreneurs, nearly one in every five 18-26-year-olds in the UK now aspires to become a full-time social media content creator.

Before we begin raising our eyes to the heavens and deploring how far society has fallen, we need to acknowledge that becoming a successful social media influencer can be extremely lucrative! In this blog, we’ll explore just how much a social media star stands to make if they’re lucky enough to hit the big time.

How do social media stars make their money?

Social media influencers will usually have several income streams, including ad revenue on their content and lucrative product promotion deals with brands looking to capitalise on the sway they have over their followers. In fact, research found that nearly 70% of content creators cited brand deals as their top source of revenue.

According to influencer marketing agency Tribe Group, influencers with over 100,000 followers can command over £350 per sponsored post – and some can make a great deal more.

For example, ‘mumfluencer’ Stacey Solomon, who rose to fame on the X-Factor and is now best known for her parenting and cleaning content, is said to command well over £12,000 per Instagram post. Meanwhile, gaming star GeorgeNotFound earns over £20,000 per sponsored post on TikTok.

Some social media stars have even made the successful transition into the mainstream, with Joe Sugg becoming the first influencer to appear on primetime television show Strictly Come Dancing in 2018, receiving a fee of £25,000 to appear. He has since appeared as a presenter on the BBC’s New Year Live show and has also co-presented The One Show with regular host Alex Jones.

Which social media platforms are the most lucrative?

The number of social media platforms has exploded in recent years, with early platforms such as Facebook and YouTube soon being joined by Instagram, SnapChat and TikTok. While some of the old stalwarts remain popular, newer social media sites are offering content creators even more opportunities to accumulate wealth.

Research suggests that Instagram is the most lucrative platform, with more than half of influencers in a survey saying they would use Instagram for revenue generation ahead of any other platform. Short-form video platform TikTok comes in second, while YouTube is ranked third.

The UK’s richest social media stars

The UK’s richest social media star is actually from Hertfordshire and was featured in this year’s Private Wealth Guide. Watford-based Olajide ‘JJ’ Olatunji, known professionally as KSI, is perhaps best known as a member of the popular British YouTube group the Sidemen. The group, who shot to fame in 2013, have accumulated significant wealth from their highly popular videos, each of which typically receives in excess of 9 million views. In addition to his work on YouTube, KSI has also become a successful rapper and boxer and is now said to be worth around £21 million. 

Zoe Sugg, one of the country’s first major social media stars and sister to Joe, meanwhile, is said to be the UK’s richest female influencer. Worth nearly £5 million, she now commands an estimated £12,000 per sponsored post on her Instagram account, working with household names like Marks & Spencer and Sky. She also earns money from a range of business initiatives, including her own cosmetics brand, best-selling book series and video editing app.

Keep following for more

For more interesting facts, figures and articles covering all aspects of private wealth, visit our Private Wealth blog or follow us on social media using the hashtag #PrivateWealthGuide.

Or, if you’re interested in reading our Private Wealth Guide for 2022/23, please click on the links below to download.

Hertfordshire Guide

Essex Guide