<p>I was at my local Walmart last night, and looking around, I thought to myself “I wonder how many millionaires shop here?”. Looking around, all I could think is “probably none”. But I am sure there are some that do.</p>
<p>(In this case, I am defining a millionaire as a person who has a net worth of $1 million or greater, not an income of $1 million annually.)</p>
<p>By an unfortunate set of circumstances, I went to buy some clothes at a name brand clothing store (Old Navy), and thought “boy, this is sure a nicer shopping experience than Walmart!” But then the bill came to 2x or 3x what I normally pay at Walmart, so back to Walmart I went.</p>
<p>I bet you’d be surprised at how many people with plenty in the bank shop at walmart and other discount stores. Take a loom at the “good deal of the day” thread and read about all the purchases at thrift stores (good will, etc) and consignment shops.</p>
<p>I’d say that we know at least a dozen couples in our medium size southern city who shop at WM and fit your “millionaire” description. The folks I know in that category often are more frugal about most day-to-day purchases than the ones I know who are living an “aspirational” lifestyle with fewer resources.</p>
<p>You’d have to have a heck of a lot more than a million dollars before you stop paying attention to prices. Besides, people don’t get rich by throwing away their money.</p>
<p>Read the book The Millionaire Next Door, which has plenty of examples of this. Or take a look at the way Warren Buffett lives. I don’t know if he shops at Wal-Mart, but he still lives in the same Omaha house that he bought in the 1950s.</p>
<p>Yes, your net worth includes your house. It also includes (negative value) your mortgage, if you have one. For many, owning a fancy house subtracts value from your net worth rather than adding it right now (if your mortgage is greater than the value of your house.)</p>
<p>I’d guess that at least ten percent of the people that work in my building are millionaires excluding real estate. These are all ordinary people - they wear jeans and t-shirts to the office, drive Hondas, Fords, Chevrolets and Toyotas, have modest houses and send their kids mostly to public schools. Some do have German cars. I don’t know anyone in the building that wouldn’t shop at WalMart.</p>
<p>Just to clarify on why I would never shop at Walmart. Walmart pays extemely low wages, barely over minimum wage and the majority of their employess rely on some type of public assistance for healthcare, because they can’t afford to pay the premium for their own healthcare. Now this is in no way the “fault” of the many hard working line workers at Walmart, but a greater corporate greed that places stress on an already stressed public assistance program.</p>
<p>I am all for a good value but you have to factor in the value of good customer service, a quality product and a greater good.</p>
<p>My net worth is the last thing I consider when shopping.But the last time on this board I explained why I wouldn’t shop at Wal-Mart I was jumped, beat up and accused of being an elitist. I shop second hand stores, consignment stores, discount stores, and any number of “Dollar” stores, but not Wal-Mart. I am fortunate enough to live in an area where there are hundreds of discount retail options. Wal-Mart is, for many reasons (none of them having to do with my net worth), the least attractive option available to me.</p>
<p>What does Walmart have that Costco/Safeway/Target/Office Depot/Home Depot/Bed Bath & Beyond doesn’t have? I enjoy shopping on those latter stores albeit I have to drive from one place to another. Whenever I go to Walmart I don’t see any product I like except probably during school supplies shopping late summer. They have the cheapest reinforced filler papers.</p>