The heiress of $10 billion Perdue farms and the $12 billion Sheraton hotel empire wore hand-me-downs, still rides the subway, and flies economy

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8 hours ago

Mitzi Perdue, the double-heiress of Sheraton hotels and Perdue farms, grew up wearing hand-me-downs and getting a public education. She's quick to draw her pursestrings by flying economy, riding the subway, and living in a modest apartment—despite sitting on a fortune from two billion-dollar American businesses. The 84-year-old journalist and philanthropist says it helps her understand 'the real world.'
The thought of a billionaire's lifestyle may conjure up images of Great Gatsby mansion-buying and jet-setting at the drop of a hat. But the life of an heiress with the wealth of two billion-dollar American businesses looks a lot different.
Mitzi Perdue was born into the Sheraton hotel family, and at just the age of 26, she and her siblings inherited their father Ernest Henderson's controlling stake of the business. The success of her family's $12.2 billion hospitality company meant she was now sitting on a considerable nest egg.
Her fortune would only swell after marrying her late husband Frank Perdue, the 'chicken king' who led America's largest chicken-producer, Perdue Farms, which brought in over $10 billion in revenue last year. The double-heiress has the riches to retire and live a life of extravagance—but it's in her nature to look at wealth differently.
'The Hendersons and the Perdues did not encourage extravagance,' Perdue tells Fortune. 'In both families, nobody wins points for wearing designer clothes.'
The 84-year-old has access to a trust from her family's billion-dollar business, alongside the wealth from the Perdue empire. Yet she still lives just like anybody else: taking her shoes to the cobbler instead of buying new ones, riding the subway, flying economy, and living in a modest apartment instead of a house.
Perdue has lived a double life—having access to immense privilege and money from two business empires, while holding down a regular job and living frugally.
'My apartment building I lived in for 14 years is very solidly middle-class, and I love it,' Perdue says. 'If you're always going on private jets, what inkling do you have about the real world?'
Perdue was born in 1941, and as a war baby and fifth child of the Hendersons family, she grew up wearing hand-me-downs. She says she went to public school for a period of her life, later enrolling in private school and pursuing a Harvard education. When she was in her late 20's her father died, opening up the floodgates of her inheritance. But she wasn't enticed by the idea of throwing in the towel and lounging for the rest of her life.
'I could have just put everything in the stock market and let somebody else manage it,' Perdue says.
Interested in agriculture, Perdue soon bought land near the University of California, Davis so the college could run experiments on the agricultural area. She spent many hours a day managing the rice farm, but years later decided to become a journalist covering farming practices and mental health.
Starting in 2022, she began covering the conflict in Ukraine and sold her $1.2 million engagement ring from her late husband to benefit humanitarian efforts in the war-torn region. She's currently working on developing an AI trauma therapist for victims in Ukraine, which has lacked the resources to keep up with demand. For all of her work trips, she always flies economy.
Perdue has also lived in an apartment building in Salisbury, Maryland, for many years, rubbing shoulders with working-class residents like nurses and police officers. She says one year's rent in her one-bedroom flat costs just as much as what her New York City friends pay in one month.
'Several Perdue employees live in the same building,' Perdue says. 'It's nice, but no one would call it posh.'
And as a self-proclaimed 'low-maintenance badass' frequently visiting New York City, she rides the subway instead of booking Ubers. Perdue also gets her shoes reupholstered, rather than buying new pairs; and designer outfits are shrugged off, as she doesn't like flashing her wealth. Her frugal philosophy is more than just skin-deep.
'I'm unaware of getting praise for wearing really expensive clothes—you get praised like heck for being an Eagle Scout, or working for Habitat for Humanity,' Perdue continues. 'You get praise for serving others.'
People who have not grown up with wealth may question why a billionaire would want to live life like the rest of the population: working 9-to-5, sardining on subways instead of calling private cars. The heiress and journalist says her reasoning stems from the emptiness of taking, and the joy of giving.
'I'd sure rather have a life of a feast of unending joy versus not being able to count five happy days,' Perdue says. 'If you want to be happy, think what you can do for somebody else. If you want to be miserable, think what's owed to you.'
Mega-yachts and silk pajamas don't fill the void for Perdue—rather, philanthropy and hard work make her feel full. A huge part of Perdue's understanding of having wealth versus living a wealthy life came from both sides of her family. She noted that family businesses that are able to last 100 years are a rarity, but the Hendersons and Perdues were able to make it by putting their best foot forward.
'The families that last learn stewardship,' Perdue said. 'They're not there to go spend it all. They're there to be stewards for the next generation.'
This story was originally featured on Fortune.com