More distressing news for the rich: According to The Wall Street Journal, 10 to 15 percent of golf clubs are in financial distress. Membership is down 29 percent from their peaks at these clubs and 57 percent are operating at a loss. According to the chairman and CEO of the country's largest manager of golf courses, 20 percent of private clubs could be gone within five years. Many of these clubs' problems may be attributable to the stubbornness of their older members: "They like things the way they are, and perhaps calculate that in five years or so, they won't have as much need for a golf club anyway."
Read it at The Wall Street Journal
