10 Frugal Rich People

When most people think about being rich, they think about having the money to buy expensive homes, vehicles, and clothes. A lot of people also believe that every rich person actually spends a ridiculous amount of money every single day. While there are a good number of millionaires or billionaires who do overspend on luxury items, there are also quite a few who choose to live a frugal lifestyle.

Zong Qinghou

Zong Qinghou frugal

Zong Qinghou is China’s richest man who is worth $13 billion, yet he lives on $20 a day and eats his meals with his workers. He spends up to $2 on his sneakers and clothes and says that since most people can’t tell the difference between a $160 suit and a $16 dollar suit, he


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8 Responses to 10 Frugal Rich People

  1. Warren Buffett is a prime example of being frugal, both in the business world and in his personal life.

  2. ben says:

    I’m not sure that you can really call Bill Gates frugal with the house that he has.

  3. Tony says:

    If more people followed their examples, the world would certainly be a better place. There would be a lot of worthy causes that could do a lot more. In addition, I think those giving would probably feel better about that than just having more stuff.

  4. Gailete says:

    They live exactly like those interviewed for the Millionaire Next Door. Those that are spending lavishly could many times be living over their income because they think the money will never stop coming in. Think of all those sports figures that sign on for millions and by the time they can no longer play they have blown through the money, when being frugal or at least sensible in their spending would have given them and their children enough to live on the rest or their lives. Same with the big lottery winners.

    Interesting post. Spending less than you earn will consistently see you with more money than those that always spend more than they earn. It is simple arithmetic!

  5. Abi says:

    Good list. I’ve been “weird” in my circle for some time due to my frugal views on spending. I’m nowhere near being a millionaire or billionaire but nice to know I’m in the company of people like this.

  6. Jo says:

    This is all well and good, but! What truly tells the character of a wealthy man and woman such as the above listed is how they treat their employees. Without them, where would they be? Jim Walton may have chosen to live simply and frugally, but IMO, the fact that the employees of Walmart are not being treated in the same way as those of Costco cancels out his chosen way of living.

    If you want to make an impression on someone, show by example in all venues of how it is you’ve gotten your wealth. Don’t pick and choose in hopes of the good (frugality) will eliminate the bad (treatment of one’s employees). Just sayin’.

  7. jay says:

    Perhaps if Jim Walton weren’t so “frugal” he’d pay his employees a living wage.

  8. jay says:

    “In a materialist culture, everyone loses: not just women but men, children, the elderly, the handicapped, and every minority in the book. Wherever the accumulation of wealth is enshrined, the resources of a society will always flow into the hands of the unscrupulous. You can spend your life fighting for equality and justice for one group or another; but if the entire frame of reference is wrong, nobody is going to win.” Laurel Robertson

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