BUSINESS
12/19/2008 05:12 am ET | Updated May 25, 2011

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."

Read more on The Wealth Report