This is why Warren Buffett, world's second richest man, doesn't own an iPhone

Mumbai: Warren Buffett, world's second richest man, does not own an iPhone though he holds shares in the Cupertino based Apple Inc, American multinational that makes iconic iPhones, according to a report in The Economic Times.

Buffett, popularly known as Oracle of Omaha, is holding later today an annual general meeting of Hathaway shareholders in Omaha and then take questions from the participants.

He has been cited by the report as a "conventional man in quite unconventional way". Buffett does not even use a smartphone and makes do only with an old flip phone.

“I don’t throw anything away until I’ve had it 20 or 25 years,” Buffett had told CNN in an interview in 2013 after he proudly showing off his Nokia flip phone and saying, “This is the one Alexander Graham Bell gave me.”

The report adds that Buffett derives inspiration of holding on to old things from market wisdom that he achieved as an 'smart' investor. His idea of investing money into stocks stems from the notion of playing it safe when you are at markets. "Don't buy a stock if you are not willing to keep it for 10 years".

With an estimated total wealth of $74.6 billion, Buffett comes only second to Microsoft founder Bill Gates who continues to remain as richest person in the world with a total wealth of $87.4 billion. Buffett's story of an austere lifestyle does not end here.

He prefers to stick to the same lifestyle as he used to lead when he had started as an investor on Wall Street. The report says that Buffett still lives in the same three-bedroom house that he had bought in Omaha in 1958 for $31,500.