Recent profit declines at high-end retailers Saks Fifth Avenue and Nordstrom highlight how even the wealthy feel the pain in this economic downturn.

According to a recent survey by American Express 80 percent of America's richest households are looking across the board at where they can cut spending--with those already pinching pennies up by over 30 percent in the last three months.

--Reuters

Duration: 2 min 08 sec