Thank Heaven for the Really, Really Rich

Research has shown affluent consumers cutting their spending in response to the sagging values of their stock portfolios and mansions. But are the really, really rich doing likewise? Ah, they’re made of sterner stuff! At least, that’s what we gather from a poll fielded late last month by Elite Traveler magazine and Prince & Associates.

Among households with net worth of more than $30 million, 29 percent said they plan to spend less between now and the end of the year than they did in 2007. But nearly as many, 25 percent, said they plan to spend more, with the rest saying their spending during that period will be about the same as it was in 2007. By contrast, 76 percent of those pikers with net worth of $1 million to $10 million said they’ll be spending less, while just 1 percent said they’ll be spending more.