Why Kevin O’Leary and Other Billionaires Still Shop Frugally
Despite managing an estimated net worth of $400 million, Canadian businessman and Shark Tank investor Kevin O’Leary regularly shops at Walmart for discounted apparel and household essentials, including $29 black jeans, according to social media videos and statements given to CNBC.
Evaluating the Psychology of Ultrawealthy Frugality
O’Leary, who owns multimillion-dollar properties across Florida, Massachusetts, and Toronto, documented a recent trip to a Walmart superstore via Instagram, highlighting a cart filled with essentials like batteries, butter, paper towels, and OxiClean laundry spray.
“I’m always looking for a great deal, that’s why I’m in Walmart,” O’Leary stated in the video, showcasing a pair of $29 jeans. According to historical interviews with CNBC Make It, the 72-year-old investor maintains that paying premium prices for basic commodities represents an unnecessary cash leak. “I hate wasting money,” O’Leary told CNBC. “I just don’t get why you would do that. It’s so hard to make it in the first place.”
This pragmatic approach to consumer spending extends to grocery selections. Rather than patronizing specialty butchers where costs can scale significantly higher for identical goods, O’Leary favors superstore pricing structures. “I’m not embarrassed to shop at Walmart,” he noted to CNBC. “I can go to a high-end butcher and pay 40% more for roast chicken. It’s still a chicken. Why am I paying 40% more? I’d rather drive to Walmart and buy it there.”
Contrasting Wealth Preservation Strategies Among Global Billionaires
Warren Buffett, holding an estimated net worth of approximately $144 billion, continues to reside in the same Omaha, Nebraska home he acquired in 1958 for $31,500—a property valued today at over $1.3 million. Buffett’s daily spending habits famously reflect market performance, dictating whether he spends $2.61 on two sausage patties or $3.17 on a bacon, egg, and cheese biscuit at McDonald’s.
Similarly, the late Ikea founder Ingvar Kamprad maintained a famously modest lifestyle despite managing a fortune that peaked around $58.7 billion. Kamprad regularly purchased second-hand clothing at flea markets and drove an older Volvo model, aiming to set a good example. Younger self-made entrepreneurs exhibit comparable patterns. Scale AI cofounder Lucy Guo, a 31-year-old billionaire, has publicly embraced aspects of the FIRE (financially independent, retire early) movement. Guo utilizes discount clothing platforms, books refundable airline travel solely to utilize complimentary airport lounge dining, and leverages buy-one-get-one-free promotions on delivery applications like Uber Eats, as detailed in interviews with Fortune.
Financial Literacy and Long-Term Capital Allocation
For O’Leary, personal frugality serves a dual purpose: preserving capital base liquidity while modeling fiscal discipline for the next generation.
“That to me is showing that you understand the value of money and you’re not stupid about it,” O’Leary explained to CNBC. “And you’re also saving a ton of money that you can invest and make 6, 7, or 8% a year on and use it later in your life.”