Because when the folks who run those companies you’re investing in aren’t closing big deals, they may be fretting over the health and well-being of their high-class hounds, according to a new survey by the Spectrem Group’s Millionaire’s Corner.
Fifty-six percent of senior corporate executives own pets, and of them, 70 percent own dogs. That’s compared with 46 percent of Americans as a whole. Nearly one quarter of these millionaires fetch more than $2,000 a year in food, treats and vet care for their furry friends.
What price puppy love? According to the survey, “Thirty percent of executives said they would consider reconstructive knee surgery for their pet, and 26 percent would pay for hip surgery,” the Spectrem Group says. “One in five would consider paying for chemotherapy, half would purchase medication for chronic conditions, such as allergies, and 9 percent wouldn’t rule out paying for antianxiety or antidepressant drugs.”
Dogs really are the pet of preference for the elite, CNBC says. Of the top-level execs surveyed by Spectrem: “Only 37 percent own a cat. Only 3 percent keep fish, 2 percent birds and 2 percent have a horse,” the article notes.
“Those stats are far more canine-leaning than the rest of the country. According to the Humane Society, 39 percent of U.S. households own a dog, compared to 33 percent of households that own a cat.
“Why have millionaires gone to the dogs?
“Jennifer Cona, a trust and estates attorney and partner with Genser Subow Genser & Cona in New York, does a lot of work on pet trusts. She said that of all the pet trusts she’s worked on, 90 percent are for dogs and only 10 percent are for cats. (She’s written only one parakeet trust).
“She said dogs provide one thing especially important to the wealthy: ‘unconditional love.’”
And long walks in the rain.
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