This Man Lives In A $2.55 Billion Palace With 7,000 Cars — Warren Buffett Is Much Richer But Paid $31,500 For His Home And Drives A 2014 Car (2024)
Jeannine Mancini
·3-min read
Among the world's wealthiest individuals, lifestyles often feature opulent homes and extravagant car collections. However, differences in how wealth is displayed can be quite apparent, as seen when comparing the Sultan of Brunei's lavish existence with Warren Buffett's famously modest lifestyle.
Sultan Hassanal Bolkiah of Brunei epitomizes luxury. His residence, the Istana Nurul Iman Palace, built in 1984 to celebrate Brunei's independence from British rule, is the largest palace in the world according to the Guinness Book of World Records. Covering two million square feet, it boasts five swimming pools, 257 bathrooms, over 1,700 rooms, 200 air-conditioned horse barns, and 110 garages. Its grandeur is highlighted by a dome adorned with 22-carat gold and valued at more than $2.55 billion, as reported by GQ.
Adding to his lavish lifestyle, the Sultan's car collection is worth approximately $3 billion, featuring over 7,000 vehicles, including 300 Ferraris and 500 Rolls Royces. His passion for luxury and speed is clear. His investments are equally impressive. He owns a private Boeing 747, reportedly worth $400 million, with an additional $120 million spent on extras like a gold wash basin. Additionally, he gifted his daughter an Airbus A340 for her birthday, further showcasing his opulence.
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In contrast, Warren Buffett, the CEO of Berkshire Hathaway, is known for his frugality despite his net worth of approximately $135 billion, as of June 2024. He lives in the same house he purchased for $31,500 in 1958 in Omaha, Nebraska. This unassuming home has been his residence for over six decades. Buffett's approach to cars is just as practical, as he drives a 2014 Cadillac XTS, which reportedly suffered hail damage. Unlike many billionaires who flaunt their wealth with luxury cars, Buffett's choice reflects his preference for practicality and value.
Buffett's investment strategy is also notable for its diversity. His portfolio spans various industries, including insurance, consumer goods, and technology. This broad approach has been key to his sustained success and wealth accumulation.
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Meanwhile, the Sultan of Brunei's wealth primarily comes from Brunei's rich crude oil and natural gas reserves. His family, including Prince Abdul Qawi, is interested in expanding their investment horizons. Qawi's involvement in the seed funding round for the Malaysian health care startup BookDoc marks a significant shift from traditional investments like real estate and partnerships with companies such as Starbucks Corp.
Though their lifestyles and investment choices seem worlds apart, there is a common thread: the importance of diversification in maintaining and growing wealth. Both have ensured their financial legacies through traditional or modern investments through strategic investment choices.
For these billionaires, opulence and frugality are two sides of the same coin, each offering a unique perspective on managing vast fortunes.
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He lives in the same house he purchased for $31,500 in 1958 in Omaha, Nebraska. This unassuming home has been his residence for over six decades. Buffett's approach to cars is just as practical, as he drives a 2014 Cadillac XTS, which reportedly suffered hail damage.
While he could undoubtedly afford any car on the market, Buffett famously drives a Cadillac XTS, a reliable and comfortable, but not ostentatious, vehicle. This choice sparked a lot of curiosity – why would a billionaire choose such a seemingly ordinary car?
His fortune is largely tied to his investment company.
The vast majority of Buffett's net worth is tied to Berkshire Hathaway, his publicly traded conglomerate that owns businesses like Geico and See's Candies and holds multibillion-dollar stakes in companies like Apple and Coca-Cola.
What is Warren Buffett known for? Warren Buffett, known as the "Oracle of Omaha," is an American businessman and philanthropist, widely considered the most successful investor of the 20th century. He has amassed a personal fortune of more than $60 billion by defying prevailing investment trends.
As a result of his investment success, Buffett is one of the best-known investors in the world. As of June 2024, he had a net worth of $135 billion, making him the tenth-richest person in the world. Omaha, Nebraska, U.S. Buffett was born in Omaha, Nebraska.
Bezos also owns a car collection reportedly worth around $20 million. His collection includes several high-end vehicles such as a Cadillac Escalade, Land Rover Range Rover, Mercedes-Benz S450, Ferrari Pininfarina Sergio, W Motors' Lykan HyperSport, Bugatti Veyron Mansory and Koenigsegg CCXR Trevita.
He's been seen in a black Acura TSX, a Volkswagen Golf GTI hatchback, and a Honda Fit — all of which are valued at or under $30,000 — and recently posted a photo on Instagram of two refurbished Ford Broncos, captioned "his and hers."
Warren Buffett typically does not give money to individuals, although he frequently donates to charities. However, he has in the past forwarded individual requests for money to his sister, Ms. Doris Buffett, who operates an organization called the Sunshine Lady Foundation.
A: Five rules drawn from Warren Buffett's wisdom for potentially building wealth include investing for the long term, staying informed, maintaining a competitive advantage, focusing on quality, and managing risk.
Buffett's annual compensation has been $100,000 for more than 35 years and Mr. Buffett has advised the Committee that he would not expect or desire such compensation to increase in the future.”
Despite being the sixth-richest person globally, Warren Buffett continues to drive a 2014 Cadillac XTS he purchased with hail damage. Although he can afford any luxury vehicle, Buffett prefers the practicality of his 10-year-old car.
That's up substantially from the $84.5 billion net worth Buffett had at the time Housel's book was published in 2020. Most of that wealth came in Buffett's later years, Housel wrote, with $84.2 billion after he turned 50 and $81.5 billion after he turned 65.
What car does Warren Buffett drive? Warren Buffett doesn't prefer flashy cars and prefers to maintain a one-car garage. He stated in a BBC documentary that he only puts 3,500 miles on his car annually and thus has no need for a luxury vehicle.
The top 10 car brands driven by millionaires, according to a Ramsey post on X (formerly Twitter) are:
Toyota. The average price for a Toyota went up to $38,198 in the automaker's second quarter of its 2024 fiscal year, according to Carsdirect, citing Cox Automotive data.
Bill Gates is a self-confessed Porsche fan, and he has been spotted driving a Porsche 911 Carrera many times. The car is known for its sleek design and impressive performance.
Buffett followed his advice and “sheepishly” spent $850,000 on a used Falcon 20 jet, author Alice Schroeder wrote in “The Snowball: Warren Buffett and the Business of Life.” Buffett wrestled with the ostentatious purchase because it clashed with his upbringing and self-image.
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