An acquaintance once asked me what I would do if I was a billionaire.

My reply: “What wouldn’t I do if I was a billionaire?”

Forbes magazine offers an interesting article highlighting some of the world’s billionaires and a few of their frugal habits. It’s a nice reminder that while we may be able to afford certain indulgences, this does not mean that we necessarily need to splurge. “I don’t need Saville Row suits,” billionaire John Cauldwell explained. “I don’t need to spend money to bolster my own esteem.”

1. Warren Buffet

Estimated Net Worth: Almost $60 billion

Frugal Fact: Buffett still lives in the same home he purchased 50 years ago for just $31,500.

2. Ingvar Kamprad

Estimated Net Worth: $33 billion

Frugal Fact: Drives a 1993 Volvo and flies coach.

3. Jim C. Walton

Estimated Net Worth: $16.4 billion

Frugal Fact: While he is a member of one of America’s wealthiest families and ranked by Forbes as the 23 richest person in the world, Walton reported drives a 15 year old Dodge Dakota.

4. Azim Premji

Estimated Net Worth: $17.1 billion

Frugal Facts: This chairman of one of India largest software companies opts for economy flies, off-brand suits, budget hotels and drives a Toyota Corolla.

5. David Cheriton

Estimated Net Worth: $1.4 billion

Frugal Facts: Despite earning a fortune from his Google stocks, Cheriton makes many frugal choices. He lives in the same home he bought in 1981, drives a 1993 Honda Accord and even cuts his own hair.

When Forbes asked about his frugal lifestyle, Cheriton cited a Wikipedia definition of frugality: “The acquiring of and resourceful use of economic goods and services in order to achieve lasting and more fulfilling goals.” Which is certainly something we can all aspire to.