Should the man give his lover the same financial and social position the wife has?
Perhaps that is something the man should ask his wife. Doing so
would likely solve the issue of whether the lover should have the
same financial and social status of the wife, because there would
probably not be a wife, but an ex-wife. That is, unless the man
married the lover.
Regardless of that, it is actually not possible for the man to
give his lover the same financial and social status of his wife.
Financial, maybe, but then he would be robbing from his wife to do
that, even if he is the sole financial source for the family.
Supporting two households is not something many men have the
finances to do. Social isn't in your control. You could take your
lover places and such, but people would simply not accept your
lover as being on the same level as your wife. And, of course, your
wife would find out about your lover.
Someone else said it best: "Actually, the man should tell his
wife the truth and stop cheating."