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World's fifth richest man still lives in house he bought for $31,500 in 1958

Niamh Shackleton

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World's fifth richest man still lives in house he bought for $31,500 in 1958

Featured Image Credit: Lacy O'Toole/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images / Paul Harris/Getty Images

As of last year, 136 billionaires lived in New York City - and Warren Buffett isn't one of them.

Buffett currently stands as the world's fifth richest man and has a net worth of $113 billion, beating Microsoft founder Bill Gates who isn't far behind with $109.7 billion.

Many on the Forbes' rich list live in New York City or San Fransisco - one of which has been named one of the worst cities to live - which is understandable as you need a salary of at least $404,332 a year to be able to afford a home in there.

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But, going against the grain is Buffett, 93, who resides in Omaha, Nebraska, and has done for most of his life.

His home is located near to his company Berkshire Hathaway's HQ, making it understandable why he's stayed the for the best part of 70 years.

The firm owns dozens of companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen, which is what makes him so rich.

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As well as this, the 93-year-old is a dab hand at stocks and shares and has been investing since the young age of 11 (making it all the more surprising that he never relocated to America's stock market capital of New York).

But it's not the location of Buffett's home that surprises people, but the price he bought it for.

Multibillionaire Warren Buffet has lived in Nebraska most of his life. Credits: JOHANNES EISELE/AFP via Getty Images
Multibillionaire Warren Buffet has lived in Nebraska most of his life. Credits: JOHANNES EISELE/AFP via Getty Images

The now-multibillionaire purchased his home in 1958 for just $31,500 and still remains as the only real estate that he owns.

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Buffett has hailed his home as one of his 'best investments', coming in third behind his and wife's wedding rings.

The business mogul was married to Susan Thompson Buffett up until the time of her death in 2004.

He then remarried two years later and remains wed to wife of 17 years, Astrid Henks.

It's believed his home has a current value of approximately $1,439,000 million, according to Realtor.com’s estimate - a staggering 44.44 times more than he paid for it.

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Warren Buffett bought his home for $31,500 in 1958. Credits: Paul Harris/Getty Images
Warren Buffett bought his home for $31,500 in 1958. Credits: Paul Harris/Getty Images

While Buffett already sees his home a great investment, he thinks he could have made more money if he rented instead.

In a 2010 letter addressed to his Berkshire Hathaway shareholders, Buffett said: "Home ownership makes sense for most Americans... All things considered, the third best investment I ever made was the purchase of my home, though I would have made far more money had I instead rented and used the purchase money to buy stocks."

I hate to think what 'far more money' is for the fifth richest man in the world...

Topics: News, Money, Net Worth, US News, Business

Niamh Shackleton
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