Warren Buffett’s net worth is nearly US$85 billion, maintaining his place as the world’s third-richest person, according to Forbes’ real-time net worth tracker. Now 88, Buffett’s estimated net worth stands at US$84.9 billion – but you wouldn’t know it by his frugal ways. Still living in the house he bought in the 1950s and driving an equally modest car, Buffett prefers to keep and grow his money rather than take it out of the bank. Not one for lavish purchases, he spends relatively little of his billions – except when it comes to philanthropy. Buffett is regarded as one of the most generous philanthropists in the world, having donated more than US$46 billion since 2000. China’s love for luxury puts Bernard Arnault hot on Buffett’s heels However he uses his money, not much is spent on himself. See how Buffett spends – or does not spend – his billions. The CEO of Berkshire Hathaway began building his wealth by investing in the stock market from the age of 11. As a teenager, he was raking in about US$175 a month by delivering The Washington Post – more than his teachers and most adults. He had amassed the equivalent of US$53,000 by the time he was 16. But 99 per cent of his wealth was earned after his 50th birthday. He reportedly earns a salary of US$100,000 at Berkshire Hathaway. And in 2013, Buffett made on average US$37 million per day – more than what actress Jennifer Lawrence made the entire year. His wealth is greater than the gross domestic product of Uruguay. 25 richest families in the world – ranked But you wouldn’t know Buffett is a billionaire by the way he spends his money. He previously told CNBC and Yahoo Finance’s Off the Cuff that he has “never had any great desire to have multiple houses and all kinds of things and multiple cars”. Buffett lives in a modest home in Omaha, Nebraska, which he bought for US$31,500 in 1958. Adjusted for inflation, that is about US$276,700 in today’s terms. As of 2017, it was worth an estimated US$652,619, what he calls the “third-best investment he’s ever made”. It’s 6,570 square feet, and has five bedrooms and two-and-a-half bathrooms. It’s also guarded by fences and security cameras. In 1971, Buffett bought a holiday home in Laguna Beach, California, for US$150,000. Part of a gated community called Emerald Bay, it’s within walking distance of the beach. According to the listing, the home comes with a US$9,264 annual association fee, which grants amenities like nearby access to a pool and spa, picnic area, playground and tennis court. It has 3,500 square feet of living space and six bedrooms. Buffett has renovated it since his initial purchase. Meet the Ambanis, the richest family in Asia, who live in a US$1 billion skyscraper Each bedroom has its own en suite bathroom. It is secluded and has plenty of wide-open windows with views of the sea. It is simply decorated, mirroring Buffett’s spending habits. He put it on the market for US$11 million in early 2017, but reduced it to US$3 million later that year. After nearly two years on the market, it finally sold in October 2018 for US$7.5 million. Buffett also has a modest car. He previously drove a 2006 Cadillac DTS. In 2014, he replaced it with a Cadillac XTS, which has an original starting price of US$44,600. He also buys beat-up cars – like hail-damaged cars – at reduced prices and is reluctant to replace them, daughter Susie Buffett said in a BBC documentary. “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 . Shh! Why the name of this luxury brand loved by the rich is a secret He once auctioned his car for US$73,200. His Lincoln Town Car once had a number plate that read “THRIFTY”. Buffett does not spend much on technology, at least when it comes to his mobile phone. He still uses a flip phone instead of a smartphone. Buffett isn’t a fan of high-end designer suits. He only wears suits – of which he owns about 20 – made in China by designer Madame Li. Buffett tops off his style with an US$18 hair cut. Buffett eats the same thing every morning for breakfast – McDonald’s. He spends no more than US$3.17 on his order. He also likes to treat his buddy Bill Gates to lunch at McDonald’s – which he has paid for with coupons in the past. Buffett is a thoughtful friend without spending a lot of money. He picks Gates up at the airport, calls him, and sends him news clippings via snail mail. China's richest are loving the new Porsche washing machine Buffett dines at the modest Gorat’s steakhouse, his favourite. The menu ranges from US$3 to US$41. Buffett is a fan of Coca-Cola; he has said he typically drinks five Cokes a day – so you can imagine he spends more on the drink than the average person. Compared to other CEOs, Buffett does not spend a whole lot on his hobbies. He plays about 12 hours a week of bridge. Buffett likes to hit the green for some golf – but he does not spend his money on fancy golf clubs. Who are 6 of Japan’s richest billionaires? “I’m a member of every golf club that I want to be a member of […] I’d rather play golf here with people I like than at the fanciest golf course in the world,” he once said in a Q&A. He also puts a lot of money towards books. He has said he has a “disgusting pile” of books by his chair, and he spends 80 per cent of his day reading. Buffett also loves to play the ukulele. Girls Inc of Omaha once hosted a ukulele concert as a benefit for Buffett, in which they earned US$344.23 in donations. He took the money and bought 17 Hilo ukuleles for the group – but not without demanding a discount because he was buying in bulk. He is even frugal when it comes to his own children – he fashioned a dresser drawer into a bassinet for his first born, Susie. For his second born, Howard G. Buffett, he borrowed a cot. Buffett once spent US$100 to take a Dale Carnegie course on public speaking. It helped him propose to his wife, he said. The one thing Buffett has splurged on is a private jet. He told CNBC, it’s “the only thing that I do that costs a lot of money”. But that wouldn’t be possible without his wise investing strategies. While 99 per cent of Buffett’s net worth is tied to Berkshire Hathaway, he invests the other 1 per cent. Who are the 10 richest billionaires in US finance? He bought shares in Wells Fargo “a long, long time ago”, but it’s unclear what his stake in the company is. He also bought 2 million shares, an 8 per cent stake, in Seritage Growth Properties for an estimated US$73 million. He owns an undisclosed amount of JPMorgan stock. He is said to be a fan of the bank’s CEO, Jamie Dimon. But not all his investments have been wise – back in 1951, he bought a Sinclair service station with a friend. The Texaco station across the street was more popular, and he lost US$2,000 of his US$9,600 savings. Buffett spends most of his billions on philanthropy; he is considered one of the most generous philanthropists in the world, having donated more than US$46 billion to causes since 2000. Who are India's top 10 richest billionaires? He teamed up with Bill and Melinda Gates in 2010 to form The Giving Pledge, an initiative that asks the world’s wealthiest people to dedicate most their wealth to philanthropy. In 2016, he donated US$2.9 billion to various charities, including The Bill and Melinda Gates Foundation and the Susan Thompson Buffett Foundation, in honour of his late wife. Buffett, through the Susan Thompson Buffett foundation, has donated tens of millions to the Planned Parenthood Federation of America and the National Abortion Federation. He donated even more to the Bill and Melinda Gates Foundation in 2018 – around US$2.6 billion worth of Berkshire Hathaway stock. That week, he donated about US$800 million in Berkshire Hathaway stocks to the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. Buffett only plans to leave his kids US$2 billion each; the rest of his fortune will be donated to philanthropic causes. He once said he wants to leave his children “enough money so that they would feel they could do anything, but not so much that they could do nothing”. How does Jeff Bezos, the richest person alive, spend his billions? There is one thing money does buy for Buffett personally, he said in a CNBC interview: Freedom. “My life couldn't be happier”, he once said. “In fact, it’d be worse if I had six or eight houses. So, I have everything I need to have, and I don't need any more because it does not make a difference after a point.” Want more stories like this? Sign up here . Follow STYLE on Facebook , Instagram and Twitter This article originally appeared on Business Insider .