By: Michael Stevens, NewsOXY Reporter
10/04/2021 08:53 PM ET
Homeless Billionaire Nicolas Berggruen battles materialism with a single paper bag and says he practiced the nickname a few years ago because it's a fair representation of his lifestyle.
The billionaire also says that society puts far too much value on possessions.
Berggruen earned his net worth from hedge fund Alpha Investment Management. He sold his stake in that company which he co-founded in 1988 to launch Berggruen Holdings.
Thereafter, his holding company went on to make a series of major purchases of other companies like Karstadt, a German department store, and Pearl. But his investment was in Burger King. But he admits to news that he likes possessions, for donation efforts. He has spent millions on buying up Andy Warhol and Damien Hirst paintings only to give them charities and museums.
Today, the homeless billionaire's net worth is at a staggering $2.5 billion. His company generates about $5 billion in reviews per year. But he earned his badge after he sold his 31st floor apartment of the Pierre Hotel in Manhattan and his private island in Miami to travel the world with his Gulfstream IV, with no home and no car to return to.
He tells news that society is far to obsessed with possession. His only possessions, besides his company and his jet, is her BlackBerry phone and a few articles of clothing. He says he carries all his belonging around in a large paper bag.
"I am not that attached to material things. And the good thing is I can make choices. I have very few possessions. Luckily, as a man you don't need much... a few papers, a couple of books, and a few shirts, jackets, sweaters." He adds "It fits in a little thing, in a paper bag, so it's very easy."