You would imagine a multimillionaire staying at a swanky mansion, perhaps at one of the priciest addresses in New York. You would imagine a billionaire flying in a private jet, perhaps even a chopper to go to the nearest golf course within the city. Pop culture perceptions and depiction of the super rich through various mediums may lead you to believe that they live a life beyond the realms of the ordinary world. That is not the case. The super rich are far more frugal than you would imagine. They are more budget conscious than us, the lesser mortals.
1) Mark Zuckerberg
Mark Zuckerberg may be frowned upon by many traditional investors and self made millionaires but he is one of the richest people in the world and is undoubtedly more popular than most. Imagine a man who is worth more than thirty billion driving in a saloon car that costs just around twenty thousand. You are perhaps aware of his obsession with grey tees and how he has a ton of those in his wardrobe. He and his wife have shown time and again that you don’t need to spend money needlessly, even if you have a lot of it.
2) Warren Buffett
Warren Buffett, perhaps the most inspiring American investor of the twentieth century, still lives in a house he had purchased fifty years back. As an investor, he perhaps owns many properties across the country and the world but only to make a profit. He doesn’t spend a cent needlessly. Yet, he drops billion dollar checks for charity.
3) Azim Premji and Ratan Tata
Then there are the likes of Azim Premji and Ratan Tata, the famous Indian industrialists who spearheaded Wipro and Tata Group respectively. Azim Premji stays at budget hotels, despite having a net worth of more than ten billion. Ratan Tata is regarded as one of the humblest industrialists you would meet. He wears affordable suits, drives affordable cars made by a company his group owns and reportedly he has never indulged in any so-called needless luxury that is often synonymous with the life of the rich and famous. Azim Premji had used paper plates at his son’s wedding. Imagine that.
4) Michael Bloomberg
Michael Bloomberg represents everything that is good about America. He made a fortune, ran for office and became the Mayor of New York. By his own admission, he had made two pairs of shoes last a decade. He would re-sole and re-heel as and when needed. Imagine the mighty Bloomberg being so frugal when the average teenager today buys a new pair every six months.