When you gotta cut back you gotta cut back. Not sure if this is good news for the wives though. They have their charming husbands back at home more—mistresses are going to give part time service for part time pay, we’re guessing—but imagine what treats these guys will be now that they can’t afford their mistresses…
WSJ: According to a new survey by Prince & Assoc., more than 80% of multimillionaires who had extra-marital lovers planned to cut back on their gifts and allowances. Still, only 12% of the multimillionaire cheaters said they plan to give up on their lovers altogether for financial reasons.
“Rich people are getting hit, and they’re all expressing the need to curtail unnecessary spending,” said Russ Alan Prince, president of Prince & Assoc., a wealth-research firm based in Connecticut. “Lovers are part of the same calculation.”
Of course, any study of millionaires and their mistresses should be taken with a large grain of salt. The survey–a subset of a larger wealth study–polled 191 individuals with a minimum net worth of $20 million who said they had lovers of at least a year or more (this to screen out the one-night stands, etc.). About two thirds of the respondents were men and one third women. All were married and all had personal control over their finances, meaning the women and men surveyed were the primary wealth holders in their homes.
The most surprising stats in the study relate to gender and what might be termed “length of service.” Fully 82% of men in the study said they planned to lower the allowances to their mistresses, while more than three quarters planned to provide fewer gifts, less expensive gifts and fewer perks, like jet rides, resort vacations and top restaurant meals.
Ladies, go to Dubai, where they men can afford to keep you in the jets you deserve!
Women were far more generous to their paramours in the face of financial crises. Less than 20% planned to lower allowances, gifts and perks, while more than half planned to raise them.
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