HIS CHOICE: Mr Walton prefers trucks to sports cars, and is said to drive an old Dodge Dakota.

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The businessman, who boasts a US$2.2 billion (S$3.2 billion) fortune, even cuts his own hair.

'I don't need Saville Row suits,' he recently told Forbes magazine, according to a report on the ABC news website in the United States yesterday.

'I don't need to spend money to bolster my own esteem.'

He is one of a number of extremely wealthy people who have opted for a life of frugality instead of flashy extravagance.

Mr Caudwell got his start as a car repair shop owner and went on to create his US$2.2 billion fortune - as last measured by Forbes in March - by selling his 85 per cent stake in cellphone outfit the Caudwell Group in 2005.

An avid sportsman, he used to cycle 23km to work every day to save cash and stay fit.

He thinks splurging on extremely pricey bottles of wine is a waste, and he cuts his own hair because going to the barber is a waste of time.

But Mr Caudwell does have some indulgences: He owns a Ferrari and a Bentley.

Mr Jim Walton, the Wal-Mart scion and member of America's richest family, has different tastes in vehicles.

He inherited his money - and spending habits - from father Sam.

Worth US$16.4 billion when his fortune was valued for the Forbes 400 list in September, the younger Mr Walton prefers pick-up trucks to sports cars.

Reportedly, he drives a 15-year-old Dodge Dakota.

One billionaire whose frugality is well-documented is Ikea founder Ingvar Kamprad, who built a US$33 billion fortune selling affordable furniture to the masses.

The self-made Swedish tycoon drives a 15-year-old Volvo, flies economy, tries to avoid wearing suits and often eats meals at lower-tier restaurants.

Indian billionaire Azim Premji made his US$17.1 billion fortune through technology services giant Wipro.

Yet, despite being one of Asia's richest men, Mr Premji drives a Toyota Corolla, flies economy and stays in company guest houses instead of five-star hotels when travelling on business.

He even served food on paper plates at a lunch honouring his son's wedding.

Famously frugal investor Warren Buffett earned US$46 million in taxable income last year and boasts a net worth of US$57 billion - but he lives in the same home he bought for just US$31,500 nearly 50 years ago.

Stanford professor David Cheriton made his billions by introducing Google founders Sergey Brin and Larry Page to the venture capitalists at Kleiner Perkins Caufield & Byers. He was rewarded with a sizeable chunk of Google stock.

Mr Cheriton, a Canadian, said he prefers to ride his bicycle around his Palo Alto, California, neighbourhood, and relies on an old Volkswagen van or a Honda sedan when he needs to get behind the wheel.

He said he only flies commercial, prefers jeans to designer clothes and claimed to reuse his tea bags.

He also cuts his own hair to save time going to a barber. His indulgence: two windsurfing boards.

When contacted by ABC, Mr Cheriton cited the Wikipedia definition of frugality: 'The acquiring of and resourceful use of economic goods and services in order to achieve lasting and more fulfilling goals.'

He added: 'That is certainly something I aspire to.'