Many of us believe that billionaires spend money as much as they want, but surprisingly, that is not always the case. Because in fact, some of the wealthiest people are remarkably frugal. And perhaps, that’s the same reason why they are rich.
Here are ten of the most well-known billionaires of all times and their frugal habits:
Mark Zuckerberg, Facebook Founder, and CEO
The Facebook founder and CEO Mark Zuckerberg have a net worth of $66.9 billion but still chose to stay away from driving luxurious cars or wearing expensive items. He’d rather stick to his simple wardrobe of grey shirts and jeans, and still drive his 2006’s Ford F-150 pickup around $ 28,000.
Warren Buffet, Berkshire Hathaway CEO and investment mogul
Warren Buffet is one of the notable millionaires who still choose to live frugally. With a net worth of more than $ 86.3 billion, this investment guru still lives in the same house he bought in Omaha Nebraska in 1958 for $ 31,500.
Azim Premji, Wipro Limited Chairman, and business tycoon
Azim Premji is called as Czar of the Indian IT Industry and has an estimated net worth of $5.2 billion. But believe it or not, e still prefers to travel in a tight budget, flying in economy class and avoiding checking in 5-star hotels. It was also said that he used paper plates during his son’s wedding.
Ingvar Kamprad, IKEA Founder
The late Swedish business magnate Feodor Ingvar Kamprad has a net worth of over $58 billion but would rather eat in his own IKEA stores, helping himself to free salt and pepper sachets when dining out. It is also said that he has a habit of telling people to always use both sides of a paper.
Michael Bloomberg, Bloomberg Founder, and CEO
Michael Bloomberg is an American businessman and CEO of Bloomberg L.P. and has an estimated net worth of $59.6 billion. He was even ranked as the 9th-richest person in the world as of March 2019. But this former New York mayor revealed that he only uses two pairs of work shoes within the last two decades. Rather than buying a new one, he chose to get his old ones resoled and reheeled.
Jay Leno, TV Personality
Jay Leno is an American TV personality who has a net worth of $350 million. As a teen, he had worked at a car dealership and a fast food outlet. Leno spent one lot of earnings and saved the other. He continued this mantra up to this day, pulling in millions from working both in TV and as a stand-up comedian.
T. Boone Pickens, BP Capital Chairman
Oil magnate T. Boone Pickens is said to have an estimated net worth of $1.2 billion. Still, though, he refused to be tempted by impulse purchases. Pickens shops with a strict grocery list and only goes with enough cash to cover what’s in it. This way he makes sure that he sticks within his budget and doesn’t splurge on unnecessary items.
Elon Musk, Space X and Tesla CEO
Elon Musk is said to have an estimated net worth of $20.7 billion as of 2019. But before becoming a billionaire, Elon tried to living a dollar a day to see if he had the will to avoid taking a salaried job and concentrate on his dreams. Well, his sacrifice clearly paid off.
Steve Jobs, Apple co-Founder, and Former CEO
For most of our lives, we’ve known Steve Jobs as one of the richest people thanks to Apple. Before he died in 2011, he has a net worth of $10 billion. But it is said that Steve had always been frugal. A friend who once went cloth shopping with him said that the Apple CEO chose to be cold over buying a new coat, saying that he wouldn’t use it enough so why buy one.
Alexander Lebedev, a Russian oligarch
Alexander Lebedev is a businessman and one of the Russian oligarchs, who has an estimated net worth of $1.1 billion. But this former KGB spy has been known for his frugal ways of living, being a fan of flat-pack housing and other low-cost living methods. In fact, in one of his birthday parties, he chose to serve his guest bacon over caviar and champagne.
Hi! I’m Erika Yap Celario, a millennial frugalist, who’s here to help and join you on your journey to financial freedom. I’m also a proud Financial Advisor and Licensed Insurance Agent of Sun Life. For questions or concerns, you can email me at email@example.com or call me at 09194872581.