The Rich Are Spending Less On Mistresses

By Justin Gardner | Related entries in Good Decisions, Money

I wonder what Joe The Plumber would have to say about this kind of wealth redistribution…

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.

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.

Another interesting stat…cheating men are more likely to cut back on their gifts than cheating women…

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.

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.

This certainly puts a new spin on trickle down economics.

This entry was posted on Friday, November 28th, 2008 and is filed under Good Decisions, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

5 Responses to “The Rich Are Spending Less On Mistresses”

  1. Mike Says:

    While trying to figure out how this story is relevant at all, I thought the update at the end of the article was interesting:

    UPDATE: Since so many readers asked about the survey’s methodology, I called Russ Prince to get the specifics. The mistress questions were added to the end of a much larger survey on wealth and wealth management polling a control group of 518 people. Of the 518 people surveyed as part of the broader study, 191 opted to answer the mistress question. The 518 respondents were all private jet owners — since this was done in conjunction with a private-jet-related business — and all the respondents were paid for their time.

    So out of the 518 people (only a subset of which are married, I assume), at least 191 are both married and cheating? That’s sad.

  2. SpkTruth2Pwr Says:

    Haha interesting article. I guess this is proof that the economy is affecting the rich too, just not in the obvious way that it is affecting millions of average Americans.

  3. Sonia Says:

    In these trying times, mistresses should be tax deductible.

  4. Jake Segura Says:

    Hi Justin. Interesting post. I didn’t know millionaires were also having this kind of problems as to cutting down their financial expenses with their love affairs. But 191 out of 518 people were married and cheating, I couldn’t disagree with you, it really is sad. I wonder why these cheating happens. Unhappy marriage? Unsatisfied partner? Why? This is just too sad. Well, I just hope the number of cheaters won’t increment.

    Jake Segura

  5. Sean Cavanaugh Says:

    Wow, you know times are tough when it’s not as profitable to be a mistress. I mean they do provide two of the most powerful motivating factors in one’s life…sex and companionship. Unfortunately most of us our worried about cutting back on the necessities like food and utilities. I would much rather worry about those things than be a cheater.

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