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As the old saying goes, "a penny saved is a penny earned." As it turns out, this financial mantra is closely followed by some of the wealthiest people on the planet—even long after they have amassed their fortunes. The late IKEA founder, Ingvar Kamprad, famously carried his passion for budget-friendly living from his business model directly into his personal life, Fortune reports.

Despite a staggering net worth that peaked at an estimated $58.7 billion, one of the richest men in history routinely bought his clothes at flea markets and drove an aging Volvo until the very end. "I don't think I'm wearing a single thing that wasn't bought at a flea market," Kamprad candidly admitted in a 2016 documentary aired by Swedish television channel TV4. "I want to set a good example."

Kamprad could easily afford absolute luxury. Yet, just like an everyday budget-conscious consumer, he was known to pocket salt and pepper packets from restaurants. Taking his frugality a step further, he reused tea bags, frequently dined in his own chain's corporate cafeterias, and strictly flew economy class.

He once complained in an interview with the Sydsvenskan newspaper that a €22 haircut in the Netherlands was well over his budget. Instead, he preferred to get his hair trimmed during business trips to developing nations. "The last time was in Vietnam," the billionaire added.

Even though he certainly didn't need the money, Kamprad continued working at IKEA until he was 87, eventually passing away in 2018 at the age of 91.

Frugality in the DNA: From Warren Buffett to Youthful Tycoons

A closer look at the ultra-wealthy reveals that many consciously refuse to waste money on status symbols that drain, rather than multiply, capital. The world's youngest self-made female billionaire, Lucy Guo, the late Kamprad, and actress Keke Palmer all share one surprising thing in common: an unpretentious, beaten-up old car.

Mitzi Perdue, a billionaire heiress to both the Sheraton Hotels and Perdue Farms fortunes, doesn't even own a car—let alone a luxury one. Instead, she regularly navigates the city via the subway. "Extravagance was never encouraged in our families," Perdue told Fortune. "No one got points for wearing designer clothes."

Perhaps the most famous miser among modern titans remains legendary investor Warren Buffett. For decades, he has maintained a notoriously spartan lifestyle: he never spends more than $3.17 on his breakfast, still lives in the same five-bedroom house he purchased for $31,500 back in 1958, and drives a vehicle that is over 20 years old.

The man with a net worth of roughly $144 billion frequently reiterates his philosophy: "I'm not interested in cars, and my goal is not to make people envious. Don't confuse the cost of living with the standard of living."

The Swedish Mentality and IKEA's "Mortal Sin"

Kamprad always insisted that his habit of pinching every penny was a direct result of his upbringing. "It is in the nature of Småland inhabitants to be thrifty," he often remarked.

Småland is a rural province in southern Sweden where Kamprad grew up, and where, as a 17-year-old in 1943, he founded IKEA. In the company's internal manifesto written for employees, Kamprad made his stance crystal clear: "Waste of resources at IKEA is a mortal sin."

The Complicated Legacy of "Uncle Scrooge"

To critics, the founder's behavior bordered on extreme stinginess, earning him nicknames like "Uncle Scrooge" and "The Miser." He also faced heavy scrutiny over his elaborate tax-avoidance schemes. Furthermore, later in life, he was forced to address dark questions regarding his youth, after Swedish security police files from 1943—the same year IKEA was born—revealed his active involvement with fascist groups.

It remains a highly complex and contradictory legacy. Yet, IKEA has vastly outlived its creator, keeping frugality at the core of its DNA. Simplicity, efficiency, and affordability continue to keep the retail giant at the top of the global market. Today, IKEA operates 504 stores across 63 countries, pulling in roughly $50 billion in sales last year alone, with nearly a billion shoppers voting for the philosophy of thrift with their wallets.

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