Top 10 Frugal Richest Billionaires Who Live Like Miserable People
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|Frugal Billionaires Who Live Like Miserable People - Illustrated picture. Photo: Mixi's, Knowinsiders.com
In addition to having multi-figure net worths, many millionaires and billionaires have the following traits: They're frugal.
Director of research for the Affluent Market Institute Sarah Stanley Fallaw claims that this trait is what led them to become wealthy in the first place. In "The Next Millionaire Next Door: Lasting Techniques for Creating Wealth," which she co-authored, she interviewed more than 600 American billionaires.
Who Are The Frugal Billionaires Who Live Like Miserable People?
(Ranked by KnowInsiders.com)
1. Mark Zuckerberg
With a net worth of $63.6 billion, Mark Zugkerbug ranks among the top ten richest people in the world. He also leads a fairly low-key life. He wears a plain T-shirt, a hoodie, and jeans every day.
The Facebook founder, who has access to a Ferrari every day of the month, instead chooses to drive a $30k non-ostentatious Volkswagon GTI with manual transmission. Other ways to cut costs He allegedly wed his longtime partner Priscilla Chan in their backyard; the couple was spotted eating at a McDonald's while on their honeymoon in Italy in 2012. Some referred to Zuckerberg's 2011 purchase of a $7 million Palo Alto home as "still well below his means."
2. Warren Buffett
Consider the third-richest person in the world, $82.8 billion billionaire Warren Buffett. He doesn't like to splurge, so his spending is modest.
He previously stated that he has "never had any great desire to have multiple houses and all kinds of things and multiple cars" on CNBC and Yahoo Finance's "Off the Cuff."
He still resides in the modest Omaha, Nebraska, house he purchased in 1958 for $31,500. Its value today, after inflation, is roughly $276,700. Additionally, he travels in a modest set of wheels, a 2014 Cadillac XTS with an MSRP of $44,600 at launch. And he uses a flip phone rather than investing in a smartphone.
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3. Bill Gates
|Bill Gates - Photo: The Guardian
Forget Rolex. Adorning Bill Gates's wrist is a $10 watch. And perhaps most frugally, Gates remains old-fashioned in that he still likes to wash the dishes at home every night for his family. Dishwashers use electricity after all!
Gates was born in Seattle, Washington, on October 28, 1955, as William Henry Gates III. Gates, his older sister Kristianne, and his younger sister Libby all grew up in an upper middle class family. When he first met Mary Maxwell, their future wife, William H. Gates Sr. was a bright but reserved law student. She was a University of Washington student who was active in leadership and student affairs and was athletic and outgoing.
All three of the Gates children were encouraged to be competitive and strive for excellence in a warm and close-knit environment. When he organized sporting events for the family at their summer home on Puget Sound, Gates displayed his competitive nature at a young age. He also enjoyed playing board games, with Risk being his favorite, and was a master at the game of Monopoly.
Gates and his mother, Mary, who spent her time raising the family, working on charitable causes, and raising the children after a brief career as a teacher, had a very close relationship. She also served on a number of corporate boards, including those of International Business Machines, the United Way, and Seattle's First Interstate Bank, which was founded by her grandfather (IBM). When she volunteered in schools and at community organizations, she frequently brought Gates with her.
4. Charlie Ergen
Charlie Ergen's frugal habits at work and home also take root in the way he was brought up. Ergen stepped down as CEO of Dish Network in December 2017 and currently has a net worth of $11 billion.
"My mom grew up in the Depression," he told the Financial Times. "I don't have a mahogany desk." Every day, he brown-bags his lunch, which consists of a sandwich and Gatorade.
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5. Carlos Slim Helú
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6. Jim Walton
|Photo: Business - Insider
Jim Walton, a Walmart scion and member of America's wealthiest family, inherited his father Sam Walton's frugal spending habits. He currently oversees the family's $16 billion Arvest Bank from the upstairs of a "plain old brick building," which houses its assets. Despite his enormous wealth, Jim Walton favors pickup trucks over posh sports cars; he is said to commute in a rusted Dodge Dakota pickup that is more than 15 years old.
7. John Caudwell
|Photo: The Giving Pledge
This now-retired, self-made billionaire who built a British cellphone empire still maintains many aspects of a budget lifestyle.
He reportedly still cuts his own hair, refrains from buying expensive wines, and buys his clothes off the rack at British retailer Marks & Spencer. He once told Forbes, "I don't need Saville Row suits."
8. Amancio Ortega
Ortega, the richest retailer in the world and the richest man in Europe, is surprisingly frugal at times. When Ortega briefly surpassed Bill Gates as the richest man in the world in 2016, the media noted that he ate in the staff cafeteria and wore the same blazer and shirt every day.
The Zara tycoon still maintains a modest lifestyle. In addition to sharing an apartment with his wife in a quiet neighborhood, Ortega frequently visits the same neighborhood coffee shop in his native La Corua, Spain.
Being the father of "fast fashion," Ortega is known for dressing modestly given his position. He consistently wears a blue blazer, a white shirt, and gray pants. The fact that he still has lunch with his coworkers in the company cafeteria is perhaps the most surprising.
9. David Cheriton
|Photo: The Globe and Mail
Thanks to an early $100,000 investment in Google, Stanford professor David Cheriton has plenty of money. But still lives in the same home in Palo Alto, California, that he owned long before Google was founded. And he cuts his own hair.
|According to computer scientist and Stanford professor David Cheriton, food can be a significant source of money that is wasted. When eating at a pricey restaurant, he makes sure to save half of his meal for the following day. Cheriton prefers to ride his bike instead of driving a fancy car, and when he does need to drive, he uses his 1986 Volkswagen van or an old Honda sedan. Additionally, he has stated that he only flies commercially, that he favors wearing jeans over pricey designer apparel, and even that he reuses teabags.
10. Azim Premji
Despite his success, Premji maintains a surprisingly modest lifestyle and is very frugal with his money. He has served as chairman of the Indian tech-services giant Wipro Ltd. for more than 50 years. When returning from business trips, the "bare bones billionaire" frequently rides a three-wheel auto rickshaw from the Bangalore airport. He only travels in used cars, such as a beaten-up Toyota Corolla, flies economy, and stays at company guest houses rather than luxurious hotels.
He is also known for being frugal outside of his personal life. He reportedly keeps a close eye on how much toilet paper is used at Wipro facilities and always reminds staff to turn off the lights when leaving their offices. Premji, according to a worker who spoke to Bloomberg anonymously, "makes Uncle Scrooge look like Santa Claus."
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