There are more dogs owned by millionaires than any other specie of animal, according to a report by the Spectrem Group. Man’s best friends are owned by 58 percent of the millionaires that own pets. Cats are the second most popular pets owned by rich folks at 37 percent. Why are dogs so popular among the wealthy? Have you ever been greeted at the door by a cat, or asked it to give you its paw? (Meow!)
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).