If you had millions of dollars in the bank, what would you spend them on? Yachts, planes, luxury hotels? Maybe on your own island? 

While it’s possible to imagine a life of luxury, you may be surprised to learn that some of the richest people in the world live modestly, prefer to drive old cars and like common brands of clothing.

Here are seven thrifty millionaires.

John C. Bogle

Estimated net value: $80 million

The founder of The Vanguard Group is undeniably rich, but what you don’t know is that this is due to his lifestyle. In 2012, he said in an interview with Reuters that his thrifty habits stemmed from the financial difficulties his father faced during the Great Depression.

John Caudwell

Estimated net value: $2.7 billion

Primer magazine reported that the estimated value of this businessman amounted to $2.7 billion. He cuts his own hair so as not to waste time at the barber and even buys his clothes in cheap places such as Mark & Spencer, a retail store based in Great Britain.

Check out how millionaires think and become rich

Warren Buffett

Estimated net value: $86 billion

In 2015, Buffett was the second richest man in the United States. Despite having a great fortune, the magnate lives in the same house he bought in 1956 and avoids the typical ‘toys’ of the rich such as yachts and airplanes, which he describes as “a pain in the neck. He also asked the government to raise their taxes.

Jim C. Walton

Estimated net value: $34.7 billion

Walmart founder Sam Walton’s son seems to have inherited his father’s business acumen and restraint. Walton Sr. chose to drive an old van with coffee stains on the seat and no air conditioning. The same goes for younger Walton, who also opted for a modest car and a simple office.

Read: Quotes on wealth from millionaires

Steve Ballmer

Estimated net value: $37 billion

The former CEO of Microsoft and current owner of the Los Angeles Clippers, may be ‘hard’ on the court, but in everyday life, his style is one of the least noticeable. According to The Wall Street Journal, Balmer has no fixation on branded clothing and prefers to drive a Ford because his father worked for the company.

Chuck Feeney

Estimated Net Worth: Before $8 billion, it is now around $2 million, thanks to a series of philanthropic activities.

As a millionaire, Chuck never shops in retail stores & uses public transportation.

The money he saves, in addition to most of his immense fortune, has been donated to charity through his foundation.

Ingvar Kamprad

Estimated net worth: $58 billion

Kamprad was the founder of Ikea. Despite being a multimillionaire, Ingvar preferred cheap haircuts, driving an old car and sometimes using public transport. As expected, his house was decorated with Ikea products, which university students buy when they furnish their first apartments.

Author Bio:

Hi, I am Nikesh Mehta owner and writer of this site.

I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business.

I can be reached at nikeshmehta@allonmoney.com. You may also visit my LinkedIn profile.