- Frugality is one of the key characteristics of wealth, according to one researcher who studied more than 600 millionaires .
- Those who commit to saving, spend less, and stick to a budget are more likely to become millionaires, she said.
- Many of the world's richest people, like Warren Buffett and Richard Branson , have surprisingly frugal habits.
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Inside the lives of surprisingly frugal millionaires and billionaires, from businessmen like Warren Buffett and Richard Branson to A-list celebs like Jay Leno and Jennifer Lawrence
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Sarah Stanley Fallaw, director of research for the Affluent Market Institute, studied more than 600 millionaires for her book, "The Next Millionaire Next Door: Enduring Strategies for Building Wealth."
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Many millionaires and billionaires have something in common aside from having multi-figure net worths: They're frugal .
It's this characteristic that helped them become rich in the first place, according to Sarah Stanley Fallaw, director of research for the Affluent Market Institute . She co-authored " The Next Millionaire Next Door: Enduring Strategies for Building Wealth ," in which she surveyed more than 600 millionaires in America.
To identify characteristics most predictive of net worth, Stanley Fallaw conducted two studies that included a group of individuals with a net worth ranging from $100,000 to $1 million and a group of high- and ultra-high-net-worth individuals.
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She found that six behaviors, which she called "wealth factors," are related to net worth potential, regardless of age or income. One of those is frugality a commitment to saving, spending less, and sticking to a budget.
That's not surprising when you consider the habits of some of the world's richest people Warren Buffett is notoriously frugal, and Richard Branson has previously said that displays of wealth embarrass him. The same extends to some A-list celebrities who rake in millions for their movies and TV appearances.
Here's a look inside the lives of some famously frugal millionaires and billionaires.
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SEE ALSO: A woman who studied 600 millionaires found how rich you can get boils down to 6 'wealth factors,' no matter your age or salary
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