The 8 Frugal Billionaires

1. Warren Buffett, $57 billion, Country: United States
Despite his billions, America's most admired investor still lives in the same modest Nebraska home he bought in 1958 for $31,500.

2. Ingvar Kamprad & Family, $33 billion, Country: Sweden
Ikea's pennywise founder is famous for being cheap. He flies coach, drives a 1993 Volvo and often dines at lower-tier restaurants. He also reportedly furnishes his home with Ikea's affordable merchandise.

3. Azim Premji, $17.1 billion, Country: India
Parsimonious Premji inherited a cooking-oil business from his father and transformed it into technology-services giant Wipro. He drove a Ford Escort for eight years before trading it in for a new Toyota Corolla, but he usually walks to work from his nearby home. Premji often stays at budget hotels when traveling in India.

4. Jim C. Walton, $16.4 billion, Country: United States
The Wal-Mart scion and member of America's richest family inherited his billions--and spending habits--from his father Sam. Like his billionaire sister Alice, Jim prefers sturdy pickup trucks to flashy, expensive sports cars.

5. Richard Kinder, $2.9 billion, Country: United States
The former Enron president left the firm in 1996, claiming he was uncomfortable with its "asset-light" strategy... He believes in efficiency, flying coach on company business.

6. John Caudwell, $2.2 billion, Country: U.K.
The former auto-repair shop owner and Michelin engineer entered the cellphone business in 1987... An avid sportsman, he used to bike 14 miles to work. He cuts his own hair because, he says, going to a barber is a waste of time, and buys his clothes at affordable British retailer Marks & Spencer. Eschews three-figure bottles of wine when a two-figure bottle will do just as nicely: "I don't need to spend money to bolster my own esteem."

7. Frederik Meijer & Family, $2 billion, Country: United States
The reclusive retail tycoon was raised to be a penny-pincher. His father Hendrik was a barber, but switched to supermarkets after the Depression reduced his clientèle, opening Meijer Grocery in 1934, where he kept prices low.

8. David Cheriton, $1.4 billion, Country: Canada
The Stanford professor introduced students Sergey Brin and Larry Page to venture capitalists at Kleiner Perkins Caufield & Byers; he was rewarded with a large chunk of Google stock. Cheriton prefers to ride his bike, though he also drives a 1993 Honda Accord or a 1986 Volkswagen camper. Lives in the same Palo Alto home he bought in 1981. He flies commercial, and cuts his own hair rather than wasting time and money going to a barber.

Source: Forbes