Top 4 Frugal Billionaires

AAA

Top Frugal Billionaires

At least once in your life - maybe even once a week or once a day for that matter - you have fantasized about coming into a lot of money. What would you do if you were worth millions or even billions? Believe it or not, there are millionaires and billionaires among us who masquerade as relatively normal, run-of-the-mill people. Take a peek at some of the most frugal wealthy people in the world.

Warren Buffett

Millions of people read Buffett's books and follow his firm's, Berkshire Hathaway, every move. The real secret to Buffett's personal fortune may be his penchant for frugality. Buffett, who as of September 2012 had a net worth of approximately $46 billion, eschews opulent homes and luxury items. He still lives in a modest home in Omaha, Neb. which he purchased for just $31,500 more than 50 years ago. Although he's dined in the best restaurants around the globe, given the choice he would opt for a good burger and fries accompanied by a cold cherry Coke. When asked why he doesn't own a yacht he responded: "Most toys are just a pain in the neck."

Carlos Slim

While most of the world is very familiar with Bill Gates, the name Carlos Slim rarely rings a bell. However, it's a name worth knowing. Slim, who is a native of Mexico, as of March 2012 holds the No. 1 spot as the world's richest billionaire - that's right, richer than the uber-famous Microsoft founder. Slim is worth more than $69 billion, and while he could afford the world's most extravagant luxuries, he rarely indulges. He, like Buffett, has lived in the same home for over 40 years.

Ingvar Kamprad

The founder of the Swedish furniture phenomenon Ikea struck success with affordable, assemble-it-yourself furniture. For Kamprad, figuring out how to save money isn't just for his customers, it's a high personal value. He's been quoted as saying "Ikea people do not drive flashy cars or stay at luxury hotels." That goes for the founder as well. He flies coach for business and when he needs to get around town locally he either takes the bus or will head out in his old Volvo.

Chuck Feeney

Growing up in the wake of The Depression as an Irish-American probably has something to do with Feeney's frugality. With a personal motto of "I set out to work hard, not get rich," the co-founder of Duty Free Shoppers has quietly become a billionaire but even more secretively given almost all of it away through his foundation, Atlantic Philanthropies. The foundation has distributed around $6.2 billion dollars into schools, research departments and hospitals.

A frequent user of public transportation, Mr. Feeney flies economy class, buys clothes from retail stores, and does not wast money on an extensive shoes closet, stating "you can only wear one pair of shoes at a time." He made his children work the same normal summer jobs as most teens.

Conclusion

The dirty little secret of some of the world's wealthiest people is that they rarely act like it. Instead of over-the-top spending, they're busy figuring out how to save and invest to have that much more in the future. It's a habit you might want to consider in order to build up your own little storehouse of cash.
  1. No results found.
Related Articles
  1. Managing Wealth

    6 Spending Tips From Frugal Billionaires

    You don't get to be a billionaire by spending a lot of money.
  2. Personal Finance

    How to Tell If You're Cheap or Frugal

    Here are a few distinct character differences between those who understand value and those who don't.
  3. Managing Wealth

    Billionaire Wealth Falls by $300 Billion

    They're not even keeping up with the stock market. The Second Gilded Age has hit the pause button, says a new report.
  4. Managing Wealth

    Top 9 States With The Most Billionaires

    Have you ever wondered where in the United States the billionaires are living? You might be surprised at the answers.
  5. Managing Wealth

    What's Your Billionaire Age?

    Find out how much and for how long one would have to save to become a billionaire, and whether it's possible for anyone.
  6. Financial Advisor

    Wealth Management: How the Billionaires Do It

    A new report on the world's billionaires gives insight into how they work, save and plan on distributing their wealth.
  7. Insights

    5 Countries With the Most Billionaires

    China or the United States has the most billionaires in the world, depending on who you ask, followed by India, the United Kingdom and Germany.
  8. Managing Wealth

    7 Real-Life Ways To Become A Billionaire

    Find out which paths the majority of billionaires followed, and how they got there.
  9. Investing

    Stock Picking Won’t Make You a Billionaire

    Find out why it's impossible to become a billionaire by just picking stocks, and what it really takes to land among the world's super wealthy.
  10. Managing Wealth

    Where the World's Billionaires Got Their Money

    A recent study looks at the origins of global billionaires' wealth – both in terms of geography and in terms of how they made their fortunes.
Hot Definitions
  1. Money Market

    A segment of the financial market in which financial instruments with high liquidity and very short maturities are traded. ...
  2. Block (Bitcoin Block)

    Blocks are files where data pertaining to the Bitcoin network is permanently recorded.
  3. Fintech

    Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century.
  4. Ex-Dividend

    A classification of trading shares when a declared dividend belongs to the seller rather than the buyer. A stock will be ...
  5. Debt Security

    Any debt instrument that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount ...
  6. Taxable Income

    Taxable income is described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments ...
Trading Center