Facebook will soon be able to tell how rich or poor you are

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Every Facebook user uploads massive amounts of information on themselves and it’s easy to forget how much the Social Media behemoth knows about us…

Facebook has developed a new algorithm that has the ability to ascertain your wealth in other words it knows if you are rich or poor, all this is calculated based on the info you put on your profile.

Analysing a user’s household data and travel history allows Facebook to guess which “socioeconomic group” they belong to.

Facebook filed for a patent for this development in 2016, but this somewhat intrusive tool only surfaced to the public in February of this year after the official patent had been published.

The algorithm in question looks at age, birthdate and when you signed up to Facebook, after these initial steps a ‘decision tree’ is used to calculate your wealth.

The further deeper analysis includes:

  • Total number of devices you use to connect to Facebook
  • If you own your own home or live with parents etc.
  • Educational standard
  • The city where you live
  • Destination and frequency of travel
  • Employment status and job title

After all the above information has been crunched Facebook will then calculate an approximation of your salary, on reaching a figure the algorithm can then sort you into class, Working, Middle, Upper or even a rich list millionaire!

This patented technology could prove vital to third parties giving them more insight into user’s online habits and offering them products and services based on these habits. With this information at hand advertisers who use Facebook could better target their customers.

An analyst from the New York research firm GBH Insights said the following: “We see Facebook as unlikely to roll this out to the platform, although this data – in some form – is important for advertisers,”

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