The title sounds like an oxymoron, but there are frugal billionaires out there. I always knew that there were a number of billionaires that lived well below their means, but never to the extent that an article in the Financial Post points out.
It goes to show that these billionaires did not gain their billions for the purpose of gaining material things. They are wealthy because they are successful from loving what they do.
Below are some frugal billionaires and some examples of their relative frugality:
As one of the richest men in the world (he bounces around the top 3), you would expect that he lives a relatively extravagant lifestyle. Quite the opposite, Mr. Buffett still lives in his 1958 $31,500 home, eats burgers and drinks Cherry Coke. That’s not to say that Mr. Buffett doesn’t have a few luxuries such as a private jet.
Mr. Kamprad is the founder of the well known furniture store “Ikea”. Even though he is worth approximately $31 billion he still wears very casual low cost clothing along with decorating his home with low cost furniture from his store. In addition, he still drives a 1993 Volvo!
This technology mogul, who is worth over $12 billion, is yet another example of being frugal in spite of his extreme wealth. In addition to living in a modest bungalow, Mr. Premji drove a Ford Escort for 8 years before trading it in for a upgrade. What was the upgrade? A Toyota Corolla! When he travels for work, he flies coach along with staying at budget hotels.
If we look at networth to expense ratio, these guys take frugality to a whole new level. Question for you, do you think that you would be this frugal if you had billions of dollars at your disposal?If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).