William Li (Li Bin), founder, chairman, and CEO of , insists on living in a rented apartment despite having a net worth in the billions.

In a program aired on CCTV Saturday, Li showed the apartment he rents in Shanghai, where Nio is headquartered.

The apartment is small and rents for about 10,000 yuan ($1,556) a month, which Li says is "small but expensive".

You can watch the video here.

In November 2020 Forbes estimated Li's net worth to be $8.1 billion.

Talking about his life in Shanghai, Li said the winters made him uncomfortable, so he bought an electric heater from .

This is not the first time Li has talked about his life as a renter, as he explained in a Tencent program in 2018 that renting is a way to remind himself not to be satisfied with the status quo and to pursue higher goals.

Li claimed at the time that it would be satisfying to live in a big house where you have to hire someone to clean and have lots of empty rooms.

However, Li also confirmed at the time that he bought a house of 50 square meters near a school for the convenience of his child's schooling.

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