In a TikTok video he said, “The average millionaire drives a four-year-old car with 41,000 miles on it, and of course, it's paid off.” This habit is starkly different from the prevailing consumer behavior of accepting car payments that now average over $500 a month for 84 months.
Try This: 9 Things You Must Do To Grow Your Wealth in 2024
Using data provided by Experian Automotive, Muller predictably found the top four choices for people who earned more than $250,000 were luxury models: the Mercedes-Benz E-Class, the Lexus RX 350 and the BMW 5 Series and 3 Series.
Most millionaires don't drive fancy cars—and that might surprise you. The truth is, most millionaires live simple, disciplined lives. They don't waste money on luxury cars or big mansions. Instead, they follow a proven plan, avoid debt, and let their wealth grow over time.
Zuckerberg recently announced a couple of other new additions to his personal fleet, including a Porsche Cayenne Turbo GT that has been transformed into a minivan, and matching “his and hers” manual Porsche GT3 Touring sports cars.
Also, I mention the median price paid for the most recent motor vehicle purchased by a millionaire was $31,367 [for decamillionaires-$41, 997]. It is understandable why so many people relate wealth with the price tag of a motor vehicle.
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.
In automotive circles, the design cues were so similar that the MR2 quickly became known as a "baby Ferrari" or "poor man's Ferrari".
But today, there's a quiet movement happening. It's the story of the quiet wealth. It's the subtle wealth. It's the money of the people who don't buy flashy things, instead, they have time to do as they please.
Many high-net-worth-individuals actually opt for more economical or understated cars, like Toyotas or Hondas.
Other debt
Other types of debt—personal loans, credit cards, and auto loans, for example—tend to have higher interest rates and lack any potential tax benefits. These kinds of debt should "retire" before you do, because they can eat into your savings and reduce your standard of living.
Bill Gates
One of the best cars in his collection is his Porsche 959 sports car. And in 2020, he revealed in an interview with Marques Brownlee that he had bought an electric Porsche Taycan. "It is very, very cool," he said at the time. "This is my first electric car, and I am enjoying it a lot."
Elon Musk primarily drives Tesla vehicles in his daily life. The Tesla Model S is reportedly his most frequently used car for daily commutes. Musk has also been known to drive other Tesla models, including: Tesla Model 3 Performance.
The first generation model was popular with British buyers who regarded it as the "poor man's Bentley". In the US, the 300C enjoyed a wave of popularity in the mid-2000s, aided by celebrity owners (including US President Barack Obama,) and appearances in music videos.
Buffett's choice of vehicle has also long been modest.
In 2014, he replaced the DTS with a Cadillac XTS, according to Forbes. "The truth is, I only drive about 3,500 miles a year so I will buy a new car very infrequently," Buffett once told Forbes.
Though wealthy consumers are known for buying luxury car brands like Rolls-Royce, Mercedes-Benz, Jaguar, or Porsche, you might also find them driving mainstream brands such as Honda, Toyota, and Ford.
Forbes has tracked the world's billionaires since 1987, with 2,781 billionaires listed in its 2024 edition. Citizenship: U.S. Elon Musk remains the world's richest person, with a net worth of 421.2 billion USD, according to Forbes.
The people who have all the money often go by unnoticed, dressing well, but without flash, driving used cars and living in the first house they bought in a modest neighbourhood. The authors called them the quiet millionaires. They often work in, or own, unglamourous businesses that spin off steady streams of cash.
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.