Sorry cats, but your least favorite slobbery canine is probably much richer than you are.
Millionaires prefer to have dogs as pets, according to a recent study by Spectrem Group. While 58 percent of millionaire pet owners have a dog, only 37 percent reported having a cat.
It's not just millionaires. Senior corporate executives also prefer canines (we know, we know, they're rich, too). Over 70 percent of executives who owned pets reported that they owned a dog. Executives with pets spend a considerable amount of money on their animal friends, as well. Close to 25 percent said they spend over $2,000 a year on their little best friends.
In the war between cat people and dog people, the latter group has always had a leg up. According to the Humane Society, 39 percent of U.S. households have at least one dog compared with 33 percent which have one or more cats.
In total, Americans spent $50.96 billion in 2011 on pet ownership. Some of those expenses are necessary, like $19.85 billion on food. Then there's this: the National Retail Federation reported before Halloween this year that Americans were expected to spend $370 million on pet Halloween costumes.
The millionaire preference for pooches could be explained by the costs of pet ownership. Dogs are more expensive to provide routine health care for, to travel with and to feed, according to the American Pet Products Association.
In fact, having a furry friend can be so expensive that the weak economic climate caused pet ownership to slump, as many families couldn’t afford to take care of pets. Today, American’s own 3 percent fewer dogs, 9 percent fewer cats and 33 percent fewer horses than in 2006.
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