Dogs: A Millionaire’s Best Friend

In the stressful (might we say dog-eat-dog) world of business, it’s not surprising to learn that more than half (56 percent) of senior corporate executives own pets, and the great majority of those pets are dogs.

As in many other American households, those dogs are treated like valued members of the family.

  • Nearly one-fourth of the executives spend more than $2,000 a year on their best friends.
  • Nearly all purchase food and routine vet care for their pets.
  • Fifteen percent indicate they buy “sweaters, accessories, outfits and costumes” for their pets.
  • Thirty percent of executives said they would consider reconstructive knee surgery for their pet, and 26 percent would pay for hip surgery.
  • More than 20 percent plan to buy their pets a holiday gift this year.

According to the American Pet Products Association, “executives apparently value the rewards of pet ownership, which include lower blood pressure, reduced stress, lower incidents of heart disease, lower health care costs and a remedy for depression.”

The research on executives and their pets was conducted by the Spectrem Group, a consulting firm specializing in the affluent and retirement markets.

About Mari Adam

Mari Adam, Certified Financial Planner™ and President of Adam Financial Associates Inc, has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!
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