Forbes List Rides of Cheapskates Billionaires . . .
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Billions in the Bank, Bargains on the Drive
Some of the world's top billionaires would rather drive a boring Buick than a million-dollar Bugatti.
http://www.forbesautos.com/news/feat...l?partner=blog
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Some of the world's top billionaires would rather drive a boring Buick than a million-dollar Bugatti.
by Nate Chapnick
ForbesAutos.comPublished on 03/06/2007
Slideshow : CLICK : Billionaires' Cheap Rides
Warren Buffett is the second wealthiest person on the planet and is content to drive a Cadillac.
Unlike mere millionaires, who may flaunt wealth with flashy rides, some of the world’s top billionaires own cars as utterly average as their middle-class childhoods. At least five of the wealthiest people in the world share traits that make them thrifty when it comes to cars.
One reason is simply age. “By the time a person has become a billionaire, if they haven’t inherited it, they are often older,” says Rod Westmoreland, a private wealth advisor for Merrill Lynch’s Private Banking & Investment Group. “Flashy, expensive cars are not a priority for these people.”
Billionaire Warren Buffett, the second richest person in the world, according to the 2007 Forbes list of the wealthiest people and among our roster of five frugal billionaires, recently traded in a six-year-old Lincoln Town Car for a 2006 Cadillac DTS. Granted those are both luxury cars, these traditional American sedans cost a fraction of the price of a Bentley or Rolls-Royce and are frumpy compared to exotic sports cars. “Sometimes, it’s just not practical for a 60- to 70-year-old to squeeze into a Ferrari or Lamborghini,” says Tom Stanley, wealth expert and author of The Millionaire Mind and his yet-to-be-released book, Acting Rich in America.
Establishing lasting family values for future generations and working philanthropically take priority over buying expensive things for many of the world’s aging billionaires. “They spend a lot of time giving away their money and their main goal in life is to solve big world problems, and that is why the car becomes less important,” says Milton Pedraza, CEO of the Luxury Institute, a New York City-based research firm.
Billionaires tend to have a high level of confidence and self-assuredness, which can guide what vehicles they choose to own. Bill Bartmann, author of Billionaire Secrets to Success, says that once someone reaches billionaire status “it’s not about showing off the car, the clothing or the house. More often, billionaires are trying to preserve their business, their family and their wealth.”
A stable, middle-class upbringing can also shape billionaires’ spending habits after they strike it rich. “Generally, we find that most billionaires come from very typical middle-class backgrounds,” says Stanley. “They never had to worry about having enough food to eat and were never deprived growing up. They don’t have to look back and compensate for any deprivations they had.”
One example is Jim Walton, heir to the fortune his father Sam Walton created through Wal-Mart. He drives a 15-year-old Dodge Dakota pickup and is number 23 on this year’s billionaires list. Jim and his billionaire sister Alice, who also drives a pickup — a 2006 Ford F-150 — had a notoriously frugal and conservative father who must have instilled similar values in his children. One thing’s for sure, the fact that Jim and Alice Walton drive pickups and not Porsches makes them the opposite of most of the ultra-wealthy who are born into money. “If wealth was inherited, then a billionaire is much more likely to indulge in exotic cars and other such luxury goods,” says the Luxury Institute’s Pedraza.
The kinds of businesses self-made billionaires own and run may dictate their spending habits. For example, Ingvar Kamprad, Ikea founder, built his massive wealth from selling low-price Swedish furniture and home goods. He drives a Volvo that’s nearly 15 years old. “Ikea’s target customer is not driving a Bentley or Rolls-Royce,” Pedraza says. They probably drive Swedish Saabs and Volvos, like Kamprad. The same can be said about the Walton Wal-Mart heirs, who drive pickup trucks like many Wal-Mart shoppers do.
We've tracked down Department of Motor Vehicles records to find out what some of the wealthiest people in the world drive, and according to those records, the five frugal billionaires we highlight spend their money on things other than pricey cars. “Many high-net individuals focus more on their businesses, running their foundations and contributing to their communities than they do on indulging themselves,” says Merrill Lynch’s Westmoreland.
ForbesAutos.comPublished on 03/06/2007
Slideshow : CLICK : Billionaires' Cheap Rides
Warren Buffett is the second wealthiest person on the planet and is content to drive a Cadillac.
Unlike mere millionaires, who may flaunt wealth with flashy rides, some of the world’s top billionaires own cars as utterly average as their middle-class childhoods. At least five of the wealthiest people in the world share traits that make them thrifty when it comes to cars.
One reason is simply age. “By the time a person has become a billionaire, if they haven’t inherited it, they are often older,” says Rod Westmoreland, a private wealth advisor for Merrill Lynch’s Private Banking & Investment Group. “Flashy, expensive cars are not a priority for these people.”
Billionaire Warren Buffett, the second richest person in the world, according to the 2007 Forbes list of the wealthiest people and among our roster of five frugal billionaires, recently traded in a six-year-old Lincoln Town Car for a 2006 Cadillac DTS. Granted those are both luxury cars, these traditional American sedans cost a fraction of the price of a Bentley or Rolls-Royce and are frumpy compared to exotic sports cars. “Sometimes, it’s just not practical for a 60- to 70-year-old to squeeze into a Ferrari or Lamborghini,” says Tom Stanley, wealth expert and author of The Millionaire Mind and his yet-to-be-released book, Acting Rich in America.
Establishing lasting family values for future generations and working philanthropically take priority over buying expensive things for many of the world’s aging billionaires. “They spend a lot of time giving away their money and their main goal in life is to solve big world problems, and that is why the car becomes less important,” says Milton Pedraza, CEO of the Luxury Institute, a New York City-based research firm.
Billionaires tend to have a high level of confidence and self-assuredness, which can guide what vehicles they choose to own. Bill Bartmann, author of Billionaire Secrets to Success, says that once someone reaches billionaire status “it’s not about showing off the car, the clothing or the house. More often, billionaires are trying to preserve their business, their family and their wealth.”
A stable, middle-class upbringing can also shape billionaires’ spending habits after they strike it rich. “Generally, we find that most billionaires come from very typical middle-class backgrounds,” says Stanley. “They never had to worry about having enough food to eat and were never deprived growing up. They don’t have to look back and compensate for any deprivations they had.”
One example is Jim Walton, heir to the fortune his father Sam Walton created through Wal-Mart. He drives a 15-year-old Dodge Dakota pickup and is number 23 on this year’s billionaires list. Jim and his billionaire sister Alice, who also drives a pickup — a 2006 Ford F-150 — had a notoriously frugal and conservative father who must have instilled similar values in his children. One thing’s for sure, the fact that Jim and Alice Walton drive pickups and not Porsches makes them the opposite of most of the ultra-wealthy who are born into money. “If wealth was inherited, then a billionaire is much more likely to indulge in exotic cars and other such luxury goods,” says the Luxury Institute’s Pedraza.
The kinds of businesses self-made billionaires own and run may dictate their spending habits. For example, Ingvar Kamprad, Ikea founder, built his massive wealth from selling low-price Swedish furniture and home goods. He drives a Volvo that’s nearly 15 years old. “Ikea’s target customer is not driving a Bentley or Rolls-Royce,” Pedraza says. They probably drive Swedish Saabs and Volvos, like Kamprad. The same can be said about the Walton Wal-Mart heirs, who drive pickup trucks like many Wal-Mart shoppers do.
We've tracked down Department of Motor Vehicles records to find out what some of the wealthiest people in the world drive, and according to those records, the five frugal billionaires we highlight spend their money on things other than pricey cars. “Many high-net individuals focus more on their businesses, running their foundations and contributing to their communities than they do on indulging themselves,” says Merrill Lynch’s Westmoreland.
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#3
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If I was a billionaire, I'll probably be driving a minivan or some lame POS too.....that's because I'll be too busy riding 20 hot fine juicy booties!!!
Flaunting a stock Veyron/lambo or Ferrari just means one is too poor and not rich enough. A 500ft yacht full of hot babes is where it's at!!
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Flaunting a stock Veyron/lambo or Ferrari just means one is too poor and not rich enough. A 500ft yacht full of hot babes is where it's at!!
#5
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The article is basically, however, the theory should've been worded differently.
It's not that billionaires are frugal and don't care about nice cars per se. But rather, had these wealthy individuals not been thrifty to begin with, they might not have accumulated this much wealth at all.
What separates between your average millionaires and billionaires is mostly the mentality, or vanity (as I like to call it).
Jon
It's not that billionaires are frugal and don't care about nice cars per se. But rather, had these wealthy individuals not been thrifty to begin with, they might not have accumulated this much wealth at all.
What separates between your average millionaires and billionaires is mostly the mentality, or vanity (as I like to call it).
Jon
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What would you drive if you had a few billions in your pocket? A Veyron or an Enzo? What do you think that the richest men on planet drive? If you want to answer Lamborghini of Ferrari, well think again because this is not at all that they drive. Try a 2006 Cadillac DTS or a 15-year-old Dodge Dakota pickup.
Billionaire Warren Buffett, the second richest person in the world, according to the 2007 Forbes list of the wealthiest people and among our roster of five frugal billionaires, recently traded in a six-year-old Lincoln Town Car for a 2006 Cadillac DTS. Granted those are both luxury cars, these traditional American sedans cost a fraction of the price of a Bentley or Rolls-Royce and are frumpy compared to exotic sports cars. “Sometimes, it’s just not practical for a 60- to 70-year-old to squeeze into a Ferrari or Lamborghini,” says Tom Stanley, wealth expert and author of The Millionaire Mind and his yet-to-be-released book, Acting Rich in America.
Warren Buffett
Net Worth: $52 billion
Vehicle: 2006 Cadillac DTS
Ingvar Kamprad
Net Worth: $33 billion
Vehicle: 1993 Volvo 240 GL
Jim Walton
Net Worth: $16.8 billion
Vehicle: 2002 Dodge Dakota
Sergey Brin
Net Worth: $16.6 billion
Vehicle: Toyota Prius
Steve Ballmer
Net Worth: $15 billion
Vehicle: 1998 Lincoln Continental
Billionaire Warren Buffett, the second richest person in the world, according to the 2007 Forbes list of the wealthiest people and among our roster of five frugal billionaires, recently traded in a six-year-old Lincoln Town Car for a 2006 Cadillac DTS. Granted those are both luxury cars, these traditional American sedans cost a fraction of the price of a Bentley or Rolls-Royce and are frumpy compared to exotic sports cars. “Sometimes, it’s just not practical for a 60- to 70-year-old to squeeze into a Ferrari or Lamborghini,” says Tom Stanley, wealth expert and author of The Millionaire Mind and his yet-to-be-released book, Acting Rich in America.
Warren Buffett
Net Worth: $52 billion
Vehicle: 2006 Cadillac DTS
Ingvar Kamprad
Net Worth: $33 billion
Vehicle: 1993 Volvo 240 GL
Jim Walton
Net Worth: $16.8 billion
Vehicle: 2002 Dodge Dakota
Sergey Brin
Net Worth: $16.6 billion
Vehicle: Toyota Prius
Steve Ballmer
Net Worth: $15 billion
Vehicle: 1998 Lincoln Continental
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#8
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I've also posted, several times, ( though it has not drawn much response ) about how the late Ferrari chief, Enzo Ferrari, himself, for years, drove a econobox Fiat 128 as his own personal car and daily driver. People were amazed at this, particularly whan he could have his pick of any of the company's exotics, any time he wanted. But he, himself, in his private life, was not a sports-car fanatic....to him, sports cars and racing was a buisness, not personal pleasure.
#9
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Pretty much almost $40 million.
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I've also posted, several times, ( though it has not drawn much response ) about how the late Ferrari chief, Enzo Ferrari, himself, for years, drove a econobox Fiat 128 as his own personal car and daily driver. People were amazed at this, particularly whan he could have his pick of any of the company's exotics, any time he wanted. But he, himself, in his private life, was not a sports-car fanatic....to him, sports cars and racing was a buisness, not personal pleasure.
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I've also posted, several times, ( though it has not drawn much response ) about how the late Ferrari chief, Enzo Ferrari, himself, for years, drove a econobox Fiat 128 as his own personal car and daily driver. People were amazed at this, particularly whan he could have his pick of any of the company's exotics, any time he wanted. But he, himself, in his private life, was not a sports-car fanatic....to him, sports cars and racing was a buisness, not personal pleasure.
he doesnt let his personal feelings get in the way of business
#14
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What about the Sultan of Brunei? Forbes is an unhip mag just like it's dorky owner, this is why we get this list of old rich dudes who couldn't careless about what kind of car they drive.
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