20 Billionaires With Surprisingly Frugal Habits
20 Billionaires With Surprisingly Frugal Habits
Not all billionaires lead a flashy and expensive lifestyle. Here are some that prefer to live more low-key and budget friendly.
1. Michael Bloomberg
Net worth: $106.2 billion
The former mayor of New York City prided himself on taking the subway to work each day (even if he was chauffeured to the subway station). As mayor, h received an annual salary of just $1, and is known as one of the top philanthropists in the United States.
2. Chuck Feeney
Net worth: $7.5 billion
The co-founder of Duty Free Shoppers, Chuck Feeney knew he could not take his wealth with him. Before he died in 2023, he’d given away close to $8 billion to various causes around the world, as well as to his alma mater, Cornell University. Feeney also flew coach, ate at modest restaurants and carried his belongings in a paper bag.
3. Leon G. Cooperman
Net worth: $2.8 billion
Hedge fund manager Leon G. Cooperman doesn’t like wasting money. He’s amassed his billions by being practical with his capital, allowing him to donate $25 million to Columbia Business School and other charitable organizations.
4. T. Boone Pickens
Net worth: $1 billion
T. Boone Pickens, an Oklahoman oil magnate and strategic investor, learned lessons of frugality from his grandmother. She told him if he was going to leave lights on when he left a room, he could pay for the electricity bill. Pickens held onto his family's frugal ways even as he grew wealthy. During his lifetime (he passed away in 2019), he only bought new clothes every five years.
5. John A. Sobrato
Net worth: $5.7 billion
The son of two Italian immigrants who weren’t afraid of hard work, real estate mogul John A. Sobrato signed Warren Buffett's Giving Pledge to donate his wealth to charity. He’s also leasing a large plot of land in San Jose for $1 a year to help with the housing crisis.
6. John Caudwell
Net worth: $3.3 billion
Founder of the British cell phone company Phones 4u, John Caudwell says he hates spending money. He buys his jeans at Zara for £29 and is rumored to cut his own hair (though, given that he’s bald, may not be such a feat).
7. Tim Cook
Net worth: $2.2 billion
Apple CEO Tim Cook doesn’t let his money go to his head. In fact, he buys his underwear at Nordstrom — on sale. His home in Palo Alto cost $1.9 million in 2010, which, for the area, isn’t overly high. And rather than fancy vacations in Turks and Caicos, Cook prefers domestic travel, such as to Yosemite National Park.
8. Ingvar Kamprad
Net worth: $58.7 billion
It makes sense that the founder of IKEA, known for its frugal living solutions, would live under the radar. Ingvar Kamprad, who died in 2018, shopped at flea markets, drove an old car and got budget haircuts. He left $23 billion to charity.
9. Herb Kelleher
Net worth: $2.5 billion
The pioneer of low-cost flights, Herb Kelleher, founder of Southwest Airlines, was true to his brand. Before he passed away in 2019, he often flew his own airline and dressed low-key.
10. David Cheriton
Net worth: $15.7 billion
Businessman, venture capitalist and professor David Cheriton is the first one to call himself cheap. He cuts his own hair (more to save time than money, he says) and isn’t interested in fancy cars and luxury homes. Cheriton frequently donates to tech organizations and educational institutions.
11. Charlie Ergen
Net worth: $2 billion
The founder and chairman of Dish Network, Charlie Ergen, brown bags his lunch. This is not something you’d expect of a billionaire. He also has second-hand furniture in his office, doesn’t fly first class and, in the past, shared hotel rooms with coworkers for business travel.
12. David Green
Net worth: $14.6 billion
The founder of Hobby Lobby isn’t planning to hang onto his billions. David Green doesn’t fly private or even first class, and he’s pledged to give away the majority of his wealth.
13. Peter Thiel
Net worth: $7.8 billion
Peter Thiel, a co-founder of Paypal, is quick to practice what he preaches. He tells startups to be frugal, and that’s how he lives. Growing up as a middle class citizen gave him a perspective of the long-term. Thiel invests moderately and lives low-key.
14. Christy Walton
Net worth: $15.2 billion
Philanthropist and an heir to the Wal-Mart family fortune, Christy Walton raised her son in a modest home outside San Diego. She frequently supports causes like children’s education and environmental conservation.
15. Jim Walton
Net worth: $87.6 billion
Another frugal Walton is Christy’s brother-in-law, Jim Walton. He was the son of the famed Sam Walton, the founder of Wal-Mart. Sam passed down his humble habits, and Jim now embodies them. He’s been known to drive an old Dodge Dakota.
16. Azim Premji
Net worth: $12.1 billion
Founder of Indian tech company Wipro Limited, Azim Premji focuses on ethical business practices and philanthropy. He drives used cars, takes auto-rickshaws and doesn’t waste toilet paper in the office.
17. Charlie Munger
Net worth: $2.6 billion
Before Charlie Munger died in 2023, he was an investor and business partner to Warren Buffet. During his lifetime, it was important to him to live on less than what he had. Munger lived in the same house for decades and never upgraded because he didn’t want to spoil his children. He drove his own car and took the bus rather than a private jet.
18. Amancio Ortega
Net worth: $116 billion
While Amancio Ortega, founder of retail brand Zara, is one of the richest people in the world, he remains humble. He eats in the employee cafeteria with staff, wears a modest ensemble (blue blazer, white shirt, and gray pants every day) and frequents his favorite neighborhood coffee shop.
19. Jack Ma
Net worth: $25 billion
The founder of Alibaba, Jack Ma hasn’t strayed far from his rags-to-riches story. He enjoys simple practices like meditation and Tai Chi and frequently supports education and entrepreneurial initiatives.
20. Carlos Slim Helú
Net worth: $95.7 billion
Mexican businessman Carlos Slim Helú doesn’t live lavishly. He has lived in the same house for more than 40 years and doesn’t splurge on yachts or fancy cars. Helú is known for his philanthropy throughout Mexico and Latin America, and aims to improve economic conditions with his money.
This article was originally published on Cheapism
