Rich cutting back on payments to mistresses [View All]

[NewJeffCT]

It is Wednesday, so you probably think this is from The Onion. Nope, it is the Wall Street Journal. Obviously, this is a sure sign of recession.


November 18, 2008, 11:20 am
Rich Cut Back on Payments to Mistresses

You know times are tough when the rich start cutting costs on their mistresses.

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.

http://blogs.wsj.com/wealth/2008/11/18/rich-cut-back-on-payments-to-mistresses/