millionaire vs billionaire yachts

10 of the most impressive superyachts owned by billionaires

From a sailing yacht owned by a russian billionaire industrialist to the luxury launch of the patek philippe ceo, here are the best billionaire-owned boats on the water….

Words: Jonathan Wells

There’s something about billionaires and big boats . Whether they’re superyachts or megayachts, men with money love to splash out on these sizeable sea-going giants. And that all began in 1954 — with the big dreams of Greek shipping magnate Aristotle Onassis.

Onassis, keen to keep his luxury lifestyle afloat when at sea, bought Canadian anti-submarine frigate HMCS Stormont after World War II. He spent millions turning it into an opulent super yacht, named it after his daughter — and the Christina O kicked off a trend among tycoons. To this day, the world’s richest men remain locked in an arms race to build the biggest, fastest, most impressive superyacht of all. Here are 10 of our favourites…

Eclipse, owned by Roman Abramovich

Built by: Blohm+Voss of Hamburg, with interiors and exteriors designed by Terence Disdale. Launched in 2009, it cost $500 million (the equivalent of £623 million today).

Owned by: Russian businessman Roman Abramovich, the owner of private investment company Millhouse LLC and owner of Chelsea Football Club. His current net worth is $17.4 billion.

Key features: 162.5 metres in length / 9 decks / Top speed of 22 knots / Two swimming pools / Disco hall / Mini submarine / 2 helicopter pads / 24 guest cabins

Sailing Yacht A, owned by Andrey Melnichenko

Built by: Nobiskrug, a shipyard on the Eider River in Germany. The original idea came from Jacques Garcia, with interiors designed by Philippe Starck and a reported price tag of over $400 million.

Owned by: Russian billionaire industrialist Andrey Melnichenko, the main beneficiary of both the fertiliser producing EuroChem Group and the coal energy company SUEK. Though his current net worth is $18.7 billion, Sailing Yacht A was seized in Trieste on 12 March 2022 due to the EU’s sanctions on Russian businessmen.

Key features: 119 metres in length / 8 decks / Top speed of 21 knots / Freestanding carbon-fibre rotating masts / Underwater observation pod / 14 guests

Symphony, owned by Bernard Arnault

Built by: Feadship, the fabled shipyard headquartered in Haarlem in The Netherlands. With an exterior designed by Tim Heywood, it reportedly cost around $150 million to construct.

Owned by: French billionaire businessman and art collector Bernard Arnault. Chairman and chief executive of LVMH, the world’s largest luxury goods company, his current net worth is $145.8 billion.

Key features: 101.5 metres in length / 6 decks / Top speed of 22 knots / 6-metre glass-bottom swimming pool / Outdoor cinema / Sundeck Jacuzzi / 8 guest cabins

Faith, owned by Michael Latifi

Built by: Similarly to Symphony above, also Feadship. With exteriors designed by Beaulieu-based RWD, and interiors by Chahan Design, it cost a reported $200 million to construct in 2017.

Owned by: Until recently, Canadian billionaire and part-owner of the Aston Martin Formula 1 Team , Lawrence Stroll. Recently sold to Michael Latifi, father of F1 star Nicholas , a fellow Canadian businessman with a net worth of just under $2 billion.

Key features: 97 metres in length / 9 guest cabins / Glass-bottom swimming pool — with bar / Bell 429 helicopter

Amevi, owned by Lakshmi Mittal

Built by: The Oceanco shipyard, also in The Netherlands. With exterior design by Nuvolari & Lenard and interior design by Alberto Pinto, it launched in 2007 (and cost around $125 million to construct).

Owned by: Indian steel magnate Lakshmi Mittal, chairman and CEO of Arcelor Mittal, the world’s largest steelmaking company. He owns 20% of Queen Park Rangers, and has a net worth of $18 billion.

Key features: 80 metres in length / 6 decks / Top speed of 18.5 knots / On-deck Jacuzzi / Helipad / Swimming Pool / Tender Garage / 8 guest cabins

Odessa II, owned by Len Blavatnik

Built by: Nobiskrug, the same German shipyard that built Sailing Yacht A . Both interior and exterior were created by Focus Yacht Design, and the yacht was launched in 2013 with a cost of $80 million.

Owned by: British businessman Sir Leonard Blavatnik. Founder of Access Industries — a multinational industrial group with current holdings in Warner Music Group, Spotify and the Grand-Hôtel du Cap-Ferrat — he is worth $39.9 billion.

Key features: 74 metres in length / 6 guest cabins / Top speed of 18 knots / Intimate beach club / Baby grand piano / Private master cabhin terrace / Outdoor cinema

Nautilus, owned by Thierry Stern

Built by: Italian shipyard Perini Navi in 2014. With interiors by Rémi Tessier and exterior design by Philippe Briand, Nautilus was estimated to cost around $90 million to construct.

Owned by: Patek Philippe CEO Thierry Stern. Alongside his Gulstream G650 private jet, Nautilus — named for the famous sports watch — is his most costly mode of transport. His current net worth is $3 billion.

Key features: 73 metres in length / 7 guest cabins / Top speed of 16.5 knots / Dedicated wellness deck / 3.5 metre resistance pool / Underfloor heating / Jet Skis

Silver Angel, owned by Richard Caring

Built by: Luxury Italian boatbuilder Benetti. Launched in 2009, the yacht’s interior has been designed by Argent Design and her exterior styling is by Stefano Natucci.

Owned by: Richard Caring, British businessman and multi-millionaire (his wealth peaked at £1.05 billion, so he still makes the cut). Chairman of Caprice Holdings, he owns The Ivy restaurants.

Key features: 64.5 metres in length / Cruising speed of 15 knots / 7 guest cabins / Lalique decor / 5 decks / Oval Jacuzzi pool / Sun deck bar / Aft deck dining table

Lady Beatrice, owned by Frederick Barclay

Built by: Feadship and Royal Van Lent in 1993. Exteriors were created by De Voogt Naval Architects, with interiors by Bannenberg Designs. She cost the equivalent of £63 million to build.

Owned by: Sir David Barclay and his late brother Sir Frederick. The ‘Barclay Brothers’ had joint business pursuits including The Spectator , The Telegraph and delivery company Yodel. Current net worth: £7 billion.

Key features: 60 metres in length / 18 knots maximum speed / Monaco home port / Named for the brothers’ mother, Beatrice Cecelia Taylor / 8 guest cabins

Space, owned by Laurence Graff

Built by: Space was the first in Feadship’s F45 Vantage series , styled by Sinot Exclusive Yacht Design and launched in 2007. She cost a reported $25 million to construct.

Owned by: Laurence Graff, English jeweller and billionaire businessman. As the founder of Graff Diamonds, he has a global business presence and a current net worth of $6.26 billion.

Key features: 45 metres in length / Top speed of 16 knots / Al fresco dining area / Sun deck Jacuzzi / Breakfast bar / Swimming platform / Steam room

Want more yachts? Here’s the handcradfted, homegrown history of Princess…

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Private planes, mansions and superyachts: What gives billionaires like Musk and Abramovich such a massive carbon footprint

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Tesla’s Elon Musk and Amazon’s Jeff Bezos have been vying for the world’s richest person ranking all year after the former’s wealth soared a staggering US$160 billion in 2020, putting him briefly in the top spot .

Musk isn’t alone in seeing a significant increase in wealth during a year of pandemic, recession and death. Altogether, the world’s billionaires saw their wealth surge over $1.9 trillion in 2020, according to Forbes.

Those are astronomical numbers, and it’s hard to get one’s head around them without some context. As anthropologists who study energy and consumer culture, we wanted to examine how all that wealth translated into consumption and the resulting carbon footprint.

Walking in a billionaire’s shoes

We found that billionaires have carbon footprints that can be thousands of times higher than those of average Americans.

The wealthy own yachts, planes and multiple mansions, all of which contribute greenhouse gases to the atmosphere. For example, a superyacht with a permanent crew, helicopter pad, submarines and pools emits about 7,020 tons of CO2 a year, according to our calculations, making it by the far worst asset to own from an environmental standpoint. Transportation and real estate make up the lion’s share of most people’s carbon footprint, so we focused on calculating those categories for each billionaire.

To pick a sample of billionaires, we started with the 2020 Forbes List of 2,095 billionaires. A random or representatives sample of billionaire carbon footprints is impossible because most wealthy people shy away from publicity , so we had to focus on those whose consumption is public knowledge. This excluded most of the superrich in Asia and the Middle East .

We combed 82 databases of public records to document billionaires’ houses, vehicles, aircraft and yachts. After an exhaustive search, we started with 20 well-known billionaires whose possessions we were able to ascertain, while trying to include some diversity in gender and geography. We have submitted our paper for peer review but plan to continue adding to our list.

We then used a wide range of sources, such as the U.S. Energy Information Administration and Carbon Footprint , to estimate the annual CO2 emissions of each house, aircraft, vehicle and yacht. In some cases we had to estimate the size of houses from satellite images or photos and the use of private aircraft and yachts by searching the popular press and drawing on other studies . Our results are based on analyzing typical use of each asset given its size and everything else we could learn.

We did not try to calculate each asset’s “ embodied carbon ” emissions – that is, how much CO2 is burned throughout the supply chain in making the product – or the emissions produced by their family, household employees or entourage. We also didn’t include the emissions of companies of which they own part or all, because that would have added another significant degree of complexity. For example, we didn’t calculate the emissions of Tesla or Amazon when calculating Musk’s or Bezos’ footprints.

In other words, these are all likely conservative estimates of how much they emit.

Your carbon footprint

To get a sense of perspective, let’s start with the carbon footprint of the average person.

Residents of the U.S., including billionaires, emitted about 15 tons of CO2 per person in 2018. The global average footprint is smaller, at just about 5 tons per person.

In contrast, the 20 people in our sample contributed an average of about 8,190 tons of CO2 in 2018. But some produced far more greenhouse gases than others.

The jet-setting billionaire

Roman Abramovich, who made most of his $19 billion fortune trading oil and gas, was the biggest polluter on our list. Outside of Russia, he is probably best known as the headline-grabbing owner of London’s Chelsea Football Club.

Abramovich cruises the Mediterranean in his superyacht, named the Eclipse , which at 162.5 meters bow to stern is the second-biggest in the world, rivaling some cruise ships. And he hops the globe on a custom-designed Boeing 767 , which boasts a 30-seat dining room. He takes shorter trips in his Gulfstream G650 jet, one of his two helicopters or the submarine on his yacht.

He maintains homes in many countries, including a mansion in London’s Kensington Park Gardens, a chateau in Cap D’Antibes in France and a 28-hectare estate in St. Barts that once belonged to David Rockefeller . In 2018, he left the U.K. and settled in Israel , where he became a dual citizen and bought a home in 2020 for $64.5 million.

We estimate that he was responsible for at least 33,859 metric tons of CO2 emissions in 2018 – more than two-thirds from his yacht, which is always ready to use at a moment’s notice year-round.

Massive mansions and private jets

Bill Gates, currently the world’s fourth-richest person with $124 billion, is a “modest” polluter – by billionaire standards – and is typical of those who may not own a giant yacht but make up for it with private jets.

Co-founder of Microsoft, he retired in 2020 to manage the Bill and Melinda Gates Foundation, the world’s largest charity, with an endowment of $50 billion.

In the 1990s, Gates built Xanadu – named after the vast fictional estate in Orson Welles’ “Citizen Kane” – at a cost of $127 million in Medina, Washington. The giant home covers 6,131 square meters, with a 23-car garage, a 20-person cinema and 24 bathrooms. He also owns at least five other dwellings in Southern California, the San Juan Islands in Washington state, North Salem, New York, and New York City, as well as a horse farm , four private jets, a seaplane and “a collection” of helicopters .

We estimated his annual footprint at 7,493 metric tons of carbon, mostly from a lot of flying.

The environmentally minded tech CEO

South African-born Elon Musk, CEO of Tesla Motors and SpaceX, has a surprisingly low carbon footprint despite being the world’s second-richest person, with $177 billion – and he seems intent on setting an example for other billionaires .

He doesn’t own a superyacht and says he doesn’t even take vacations .

We calculated a relatively modest carbon footprint for him in 2018, thanks to his eight houses and one private jet. This year, his carbon footprint would be even lower because in 2020 he sold all of his houses and promised to divest the rest of his worldly possessions .

While his personal carbon footprint is still hundreds of times higher than that of an average person, he demonstrates that the superrich still have choices to make and can indeed lower their environmental impact if they so choose.

His estimated footprint from the assets we looked at was 2,084 tons in 2018.

The value of naming and shaming

The aim of our ongoing research is to get people to think about the environmental burden of wealth.

While plenty of research has shown that rich countries and wealthy people produce far more than their share of greenhouse gas emissions, these studies can feel abstract and academic, making it harder to change this behavior.

[ Like what you’ve read? Want more? Sign up for The Conversation’s daily newsletter .]

We believe “shaming” – for lack of a better word – superrich people for their energy-intensive spending habits can have an important impact, revealing them as models of overconsumption that people shouldn’t emulate.

Newspapers, cities and local residents made an impact during the California droughts of 2014 and 2015 by “drought shaming” celebrities and others who were wasting water, seen in their continually green lawns . And the Swedes came up with a new term – “ flygskam ” or flying shame – to raise awareness about the climate impact of air travel.

Climate experts say that to have any hope of limiting global warming to 1.5 degrees Celsius above preindustrial levels, countries must cut their emissions in half by 2030 and eliminate them by 2050.

Asking average Americans to adopt less carbon-intensive lifestyles to achieve this goal can be galling and ineffective when it would take about 550 of their lifetimes to equal the carbon footprint of the average billionaire on our list.

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The world’s most luxurious yachts and their billionaire owners.

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Billionaires are known for their extravagant lifestyles and luxurious possessions; owning a yacht is no exception. These individuals often have multiple yachts, each with their own unique design and amenities, catering to their every whim. However, these yachts are not just a means of transportation or a symbol of wealth but also a reflection of their owner’s personality and style.

It’s not uncommon for billionaires to change the names of their yachts over time as they seek to reinvent themselves or simply desire a fresh start. Some may even choose to keep the names of their yachts private as a means of maintaining their privacy and security. Despite this, many famous yachts have become synonymous with their billionaire owners, such as Microsoft co-founder Paul Allen’s “Octopus” and media mogul Rupert Murdoch’s “Vertigo”. These yachts serve as a testament to the opulent lifestyles that billionaires can enjoy and are often the envy of those who catch a glimpse of them on the open seas.

Here are the lists of billionaires and their yacht names.

Also read, 5 reasons why billionaires own yachts:

1. status symbol.

For many billionaires, owning a yacht is a way to showcase their wealth and success. Yachts are luxurious and expensive, and owning one can signal to others that the owner has achieved a high level of financial success.

2. Lifestyle

For some billionaires, owning a yacht is part of a larger lifestyle choice. Yachts provide a way to enjoy the open water and travel to exotic destinations. They can also be used for entertaining guests and hosting events.

Yachts offer a level of privacy that is difficult to achieve on land. They allow owners to escape the hustle and bustle of daily life and enjoy a more secluded environment.

4. Investment

Some billionaires see yachts as investments that can appreciate in value over time. They may purchase a yacht to sell it later for a profit.

Some billionaires may choose to own a yacht to leave a lasting legacy. They may be passionate about sailing or the ocean and want to create a family tradition of yacht ownership that will be passed down through generations.

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Take a sneak peek at the biggest and most expensive boats at 2024's Palm Beach yacht show

The Palm Beach International Boat Show kicks off later this week.

Eight megayachts are expected to be on display for would-be buyers and charter customers.

These are the show's biggest yachts — and how many millions of dollars they are going for.

The Palm Beach International Boat Show — the yacht world's flashiest event stateside — is returning this year with over 800 boats for both deep-pocked potential owners and window shoppers to peruse.

While it's impossible to know what exactly will be on display until the show begins on Thursday, it's expected that eight megayachts — generally defined as ships over 60 meters long — will be docked at the show and at nearby marinas like the Rybovich Marina in the ritzy Florida town.

Some of these are for sale at eye-popping prices, but others are available to if in case you fancy living like a billionaire for a week or two this summer (and if you have six figures to spare on a vacation).

These are the eight biggest yachts that will be at the Palm Beach International Boat Show and nearby marinas, in size order.

Nero: 90.1 meters

Price: From $497,000 a week (charter) Standout features: Pizza ovens, beauty salon, massage room, resistance pool

Reportedly owned by Irish billionaire Denis O'Brien, Nero is modeled after J.P. Morgan's 1930s ship , and was built in 2007 and updated in 2021.

She now boasts a gym on her sundeck with multiple cardio machines and a beauty salon, and has an on-board beautician for manicure, pedicure, hair, and massage needs. There's also an upgraded movie theater, two new pizza ovens, and both a pool and a jacuzzi.

For those who want to go overboard, she has more than a dozen toys, including a waterslide, Jet Ski, and flyboard.

Victorious: 85 meters

Price: From $876,600 a week in the summer and $950,000 a week in the winter Standout features: Hammam (Turkish bath), wine cellar, wood-burning fireplace, children's playroom

Victorious brings a party vibe to the yacht show. With a beach club on board, a wine cellar, a cigar clubroom , multiple bars, and a lounge with a piano, the vessel is made for entertaining. Plus, there's a playroom and movie theater to entertain the kids.

For tamer charter clients, Victorious has a suite of wellness features such as a gym, massage room, beauty salon and hammam, or Turkish bath — perhaps a custom request of her owner, Turkish businessman Vural Ak.

She also boasts a treasure trove of water toys, including Jet Skis, jetsurfs, inflatable kayaks, and scuba equipment.

Casino Royale: 72 meters

Price: TBD Special Features: Infinity pool, helipad, private jacuzzi

Purchased and refitted by car dealer magnate John Staluppi last year, Casino Royale is the latest of his James Bond-inspired yachts (he's also owned an Octopussy and a Skyfall, among others).

Casino Royale has a helipad that turns into a dancefloor, an infinity pool, and a wellness center with a gym and sauna. The owner's cabin has its own deck, which features a private bar and jacuzzi.

However, the boat's price isn't listed, and while she's not necessarily officially for sale, that might change depending on who's prepared to buy, Mr. Bond.

Talisman C: 70.6 meters

Price: $60 million (or from $567,000 a week to charter) Special features: Massage and beauty room, private library

Likely the largest yacht for sale (not just charter) at the show, the Talisman C is a 2011 six-bedroom boat. The owner's cabin comes with an en suite bathroom, dressing room, private library, and crystal chandeliers.

Amenities include a gym, a beauty room, oversized jacuzzi, and a fully equipped bar. Her crew of 19 includes a trained masseuse, and the toy room comes equipped with a wakeboard, eFoil , and WaveRunners.

Joy: 70 meters

Price: From $650,000 a week Special features: Disco club, basketball court, onboard fitness instructor

Superyacht Joy testifies to the fact that owners want as many on-board experiences as they can get.

There's an expansive suite of fitness features, including a basketball court (don't shoot that hoop too hard!), a personal trainer on staff, boxing equipment, and a handful of machines. For post-workout winddowns, there's a spa with a steam room and onboard masseuse. And for entertainment, there's both an outdoor and indoor cinema, and a disco club.

Triumph: 65.4 meters

Price: From $707,600 a week in the summer and $650,000 a week in the winter Special features: Sauna, helipad, banana boat

This 2021 superyacht is named after Triumph motorcycles — a reported favorite of her rumored owner, British businessman Chris Dawson — and even has one on display as an art piece in the upper deck's lounge. The primary suite is 1,400 square feet and has its own study , and there's a sauna, an indoor-outdoor gym, a helipad, and a massage room spread among her six decks.

She boasts an "armada of water toys," including two kinds of Jet Skis, electric water bikes, and a banana boat.

Seanna: 64.5 meters

Price: $54,000,000 (or from $462,000 a week to charter) Special features: marble foyer, movie room, sundeck pool

The recently refurbished Seanna is available for sale and charter.

Her indoor-outdoor gym is on sea level so that passengers can take a dip after a session with the onboard personal trainer. There's also a sundeck pool, a helipad, a two-room massage facility, and, for the more cerebral guests, a library with an electric fireplace.

There are a number of toys on board, including a popular water trampoline and two WaveRunners.

Come Together: 60 meters

Price: $65,000,000 Special Features: DJ and videographer on board, ice bath, sauna

Next-to-new yacht Come Together is looking for a new owner after doing charters during the 2023 season.

The Beatles' influence is evident beyond the yacht's name, with guitars dotting the sky lounge and a crewmember who doubles as a DJ. There's also an outdoor cinema and bar for entertainment and an ice bath and sauna for the day after the party. The owner's suite has a private study and lounge, and each guest cabin has its own ensuite.

The sale includes a number of toys, like Jet Skis, kayaks, and Seabobs.

Read the original article on Business Insider

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Millionaire vs Billionaire – Beyond the Difference in the Number of Zeros

What is the difference between a billionaire and a millionaire? While making the distinction should be a no-brainer in theory, sometimes the terms are used interchangeably. That’s why we decided to take a closer look at the millionaire vs billionaire comparison and identify the key similarities and differences between these two groups of people.

We will also explore why becoming a billionaire is a much more difficult goal to achieve than becoming a millionaire. So stay tuned for more information!

Millionaire vs Billionaire: Definitions

Let’s start with the basics. A millionaire is an individual whose net worth is equal to or greater than one million dollars. This can be calculated by adding up all of the person’s assets and subtracting their debts. 

A billionaire, on the other hand, is a much more exclusive term — it refers to an individual whose net worth is equal to or greater than one billion dollars. This is a much higher threshold than a million and as such, there are far fewer billionaires in the world than millionaires.

In fact, there are only 2,668 billionaires in the world at present based on Forbes’ latest annual ranking, with the US accounting for 735 of those. 

In contrast, there are more than 20 million millionaires in the US alone. This means that there are greater chances of becoming a millionaire than a billionaire. Transitioning from being a millionaire to billionaire is not a given either.

How are billionaires different from millionaires?

So now that we know the meaning of each term, we already have an idea of the fundamental difference between a millionaire and a billionaire. But let’s not limit our knowledge there and consider some less obvious factors that make millionaires different from billionaires.

1. Time Required to Spend All of Their Money

Is there a better way to look at the difference between the just rich and the super-rich than estimating how much time each group needs to spend their money?

$1 Million Dollars

Let’s say you want to spend $1 million as quickly as possible. In order to do this, you’ll need to spend $1 each second for about 12 days. Yes, a million dollars that you may have saved up for years or even decades can all be done in just 12 days if you spend a single dollar per second.

$1 Billion Dollars

If you have $1 billion and want to spend it as quickly as possible, it will take you close to 32 years to spend all of it. Yes, that’s right — you will have over three decades to burn through a billion if you spend $1 per second.

2. Level of Power

You may live like a king for the rest of your life once you’ve amassed enough millions, but being a billionaire could give you the power of a king.

Let’s look at some examples to illustrate how powerful billionaires can be.

• Government sector. Did you know that a few billion dollars let you change a government policy? That’s right! Millionaires can contribute huge amounts of their wealth or fund an organized attempt to influence policymakers. However, only billionaires have the capability to direct the overall course of a government.
• Industrial sector. Having enough billions empowers an individual to influence the direction of an entire sector. To that end, they can buy one or several companies. 

3. Lifestyle 

If your net worth is $1 million, what kind of lifestyle can you have? What if it’s $1 billion instead?

According to experts, a 3% withdrawal rate could reasonably sustain a person’s life. So if you have a $1 million net worth, that means you’ll be able to withdraw $30,000 a year from your account. A million dollars will give you $49,000 in yearly income when Social Security of $19,000 is combined.

Let’s say you require assisted living in your later years. The current average costs for in-home or nursing care range from $94,000 to more than $100,000 per year. This means that you’ll be reducing the lifespan of your principal as you spend your capital faster than replenish it.

However, if you have a net worth of $1 billion, 3% of that will get you $30 million in annual income on your retirement. You could most likely live without filing for Social Security at that rate. 

With that said, you can’t help but wonder how to become a billionaire . But if you were not born to a wealthy family, getting there seems almost impossible.

4. Spending Tendencies

Both groups enjoy the finer things in life, whether it’s a luxurious home or a private jet.

However, the way they spend their money is another key billionaire vs millionaire distinction. For one, millionaires tend to be more frugal with their money. They may have expensive tastes, but they’re also more mindful of their spending.

Billionaires meanwhile are known for their lavish spending. They often have multiple homes and jets, and they aren’t afraid to flaunt their wealth. After all, they have 32 years to spend only a single of their billions if they spend $1 every second.

Who is the richest millionaire or billionaire?

Elon Musk, CEO and co-founder of Tesla, has been the richest person in the world since 2021, having a net worth of $273 billion, according to Investopedia. Aside from the electric vehicle company where he owns a 17% share, Musk is also the CEO and Chief Engineer of SpaceX which develops space launch rockets. He is also set to spend $44 billion of his fortune to acquire the microblogging platform Twitter.   

What is the difference between a million and a billion dollars?

When we compare $1 million vs $1 billion in terms of figures, it’s easy to say one has more zeros than the other. By ratio, it’s 1:1000 or $1 billion is 1000 $1 million. Here’s another way to illustrate the millionaire vs billionaire difference. One person with $1 billion is equivalent to 1000 individuals with $1 million each. 

There are many differences between a millionaire and billionaire, but the most notable ones include the power that comes with the amount of money they have and the kind of lifestyle their riches can provide. 

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An entrepreneur who interviewed 21 billionaires says the key difference between them and millionaires is how they answer a simple question about money

• Billionaires are different from millionaires  in that they enjoy making money  more than they enjoy spending it , according to Rafael Badziag in his book  " The Billion Dollar Secret. "  
• Spending less than you make is the foundation to building wealth .
• From Warren Buffett to Lirio Parisotto, many billionaires have frugal habits.
• Visit Business Insider's homepage for more stories .

Millionaires and billionaires may both be richer than the average person, but they're each in a group of their own.

The distinction between the two comes down to how they answer one question, according to Rafael Badziag in his book "The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success " : " What do you enjoy more, making money or spending it?"

Badziag, an entrepreneur and expert on the psychology of entrepreneurship, spent five years conducting face-to-face interviews with 21 self-made billionaire entrepreneurs around the world (defined as those with a net worth of at least $1 billion) and researching their lives and companies.

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"The difference between financially successful people (millionaires) and financially super successful people (billionaires) boils down to the fact that the latter get pleasure making money, but don't enjoy spending it," he wrote. 

Billionaire businessmen Michal Solowow — the wealthiest person in Poland — and Lirio Parisotto — the wealthiest person in South America — both credited their savings habits to their financial success.

"You want to get rich? There's one way to do it: Spend less than you make. If you spend less and you accumulate, you get rich," billionaire Frank Hasenfratz told Badziag.

Read more : An entrepreneur who interviewed 21 billionaires says the same 6 habits helped make all of them successful

Frugality begets wealth

Spending less than you earn is a classic staple of building wealth . Saving and investing more money than you spend helps spark the power of compound interest , where the interest you earn on your money earns more interest over time.

Frugality — a commitment to saving, spending less, and sticking to a budget — is one of the characteristics most predictive of net worth, according to Sarah Stanley Fallaw, the director of research for the   Affluent Market Institute   and an author of  " The Next Millionaire Next Door: Enduring Strategies for Building Wealth ."

"Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a slave to the paycheck, even with a stellar level of income," she wrote.

Look at the famously frugal Warren Buffett, who still lives in the modest home in Omaha, Nebraska, that he  bought for $276,700 in 1958 (in today's dollars). He's never upgraded to a smartphone, pays $18 for a haircut, and spends no more than $3.17 on his daily McDonald's breakfast — even though his estimated net worth is $84.6 billion .

Watch: Warren Buffett, the third-richest person in the world, is also one of the most frugal billionaires. Here's how he makes and spends his fortune.

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