Tight Economy Leaves Wealthy Vexed in the City

NY's richest tremble as they cut back on life's luxuries
By Wesley Oliver,  Newser Staff
Posted May 31, 2008 2:10 PM CDT
%u201CThe economy is an issue even for people who don%u2019t need the money," said one analyst.   (Index Stock)
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(Newser) – Think you’ve got it bad in these tough times? Then consider the swarms of Wall Street bankers and Upper East Side developers whose income has slid along with the nation’s economy. Lawyers, art advisers, personal trainers, and hairstylists to the privileged say their clients gripe about having to cut back on $350 highlights and $10,000-an-hour jet rentals.

One man worried his wife would divorce him because his net worth fell from eight to seven figures. Others have gained weight from the stress of financial anxiety. “Even if they’re not in danger of not paying their mortgage, there’s still a psychological change,” one analyst said. “The economy is an issue even for people who don’t need the money.”