British businessman John Caudwell, whose net worth is estimated by Forbes at $4.2 billion, is known for his modest approach to family life. The founder of the now defunct mobile phone retailer Phones 4u and Singlepoint, both of which he sold, focused on real estate investments while raising his three children with his partner Modesta Vžesniauskaitė.
Eight children, one stepchild, educated upbringing
Caudwell is the father of eight children, including a stepchild, ranging in age from 2 to 47. Writing for Business Insider, the 73-year-old revealed that his own childhood was marked by “pretty much nothing” and he’s determined not to compensate by spoiling his own children.
“I don’t want my kids to have next to nothing, but I don’t want to overcorrect the way some rich people do,” he explained.
Family life without nannies and luxury
Contrary to the expectations of billionaire life, the Caudwell household is said to be disciplined and practical. The family employs only two housekeepers who rely on the school for education, structure and entertainment. “We do most of the parenting and we don’t have nannies. I have two housekeepers who help, but the real answer is the school, 9am to 4pm. That gives them discipline, fun, interest and education,” he said.
Caudwell also revealed that he avoids extravagant spending on his children. They rarely fly privately and often travel economy, even if they reserve business class for themselves. “For example, when we go on a superyacht for a family vacation, it’s mainly a treat for me,” he said.
“The grown-up children have to get on the ship by themselves. The younger ones travel in economy class with Modesta – most of the time I’ll be in business class – and we take the low-cost airline easyJet. We have to show them what normal life is like,” he added.
Branded clothes are not part of the household
The billionaire applies the same practical philosophy to clothing. His children rarely wear designer brands, instead getting clothes from high street stores such as Zara and Primark. “They have virtually no designer clothes – maybe some that they got as gifts, but we buy them clothes from Zara and Primark. If you go to Gucci and pay a thousand pounds, are the children happier? No, they’re not. Do they end up with a very spoiled attitude? Yes, probably,” Caudwell said.
