What it's REALLY like to grow up as a BILLIONAIRE heir: Son of former Microsoft CEO Steve Ballmer lifts the lid on his ultra-privileged upbringing - opening up about everything from his Christmas gifts to his 'shame' over his family's enviable wealth

The son of Microsoft billionaire Steve Ballmer has lifted a lid on what it was really like to grow up rich - from what they got for Christmas to why he was ashamed by his wealth.

Pete Ballmer, who is currently living in San Francisco, sat down with Business Insider to dish the details on his enviable childhood.

He grew up as one of three sons in the Ballmer household with his father, the former Microsoft CEO and current owner of the Los Angeles Clippers, at the helm.

Pete, now 29, who has pursued a career as a stand-up comedian, dished: 'You can very much still be unhappy while having a lot of money.'

Pete Ballmer, who is currently living in San Francisco, sat down with Business Insider to dish the details on his enviable childhood

He grew up as one of three sons in the Ballmer household with his father (pictured), the former Microsoft CEO and current owner of the Los Angeles Clippers, at the helm

Pete began: 'Up until I was in late elementary school, my understanding was that my family was rich, but I didn't know that we were globally and historically rich.'

He explained that his family were not flashy spenders and instead, he offered that their approach to money was: 'If it's something that you ultimately need, we can buy that for you.'

The doting son divulged that his Christmas presents were not any more lavish or expensive than the other kids he knew - with standout gifts at various points in his life being a Gameboy, weight bench and ping pong table.

Pete explained that both his parents 'hated seeing stupid or unnecessary purchases being made, so the implicit rule was don't be wasteful.'

The couple encouraged their kids to 'be smart about what you spend your money on' and also implemented those rules themselves.

Pete explained that his mom drove a Ford Fusion rather than a Mercedes Benz and she once even denied him buying a 'nice lacrosse stick' because he had only just started playing.

He said that as teenagers he and his brothers were more than content with their relatively modest lot - driving their dad's old '98 Lincoln, playing on an Xbox and eating Chipotle.

'There were some indications that we were rich. Our family took really nice vacations, but as a kid, there was a disconnect between things and how much they cost. I just thought, "Oh, I guess we're in Japan, now,"' he conceded.

Pete began: 'Up until I was in late elementary school, my understanding was that my family was rich, but I didn't know that we were globally and historically rich'

The doting son divulged that his Christmas presents were not any more lavish or expensive than the other kids he knew - with standout gifts at various points in his life being a Gameboy, weight bench and ping pong table

Pete said that his parents were not accustomed to 'having a lot of money' and so raised their family how they themselves had been raised - including not talking about wealth.

'It was nice to just be a kid and not really think about it, but as I grew up, I started feeling pretty uncomfortable that I was in a wealthier family than any of my peers. 

'I didn't like that people had presuppositions of what I was like purely based on that,' he candidly told the outlet.

Despite the preconceptions, Pete said he was able to 'derive pride' from the fact he was not as spoiled as he could have been.

He explained how he got $10 allowance each week in elementary school but later began working summer jobs.

In middle school, for example, his parents agreed that they would pay for his new cell phone plan if he paid for the handset himself. 

He picked up a job as a caddy at a golf course near his house before later setting up his own landscaping company with friends.

Elsewhere, Pete landed a handful of software engineering internships, adding 'which I got — I feel it's important for me to say — without connections.'

Pete explained that his parents paid for all of his tuition and board in college, also admitting that he borrowed $1,000 from them after graduating to venture on an international trip with friends.

'But that wasn't enough to cover it, so I borrowed another $1,000 from one of my roommates because I didn't want to ask my parents for more money. 

'The experience of not wanting to go back to your parents to ask for more is pretty human and universal. You don't want to be viewed as irresponsible.'

He worked as a project manager for around four years before deciding to quit and pursue his dream of being a standup comedian full time

He claimed he never makes purchases of more than a few hundred dollars and is 'pragmatic' about his spending

Pete got a job straight out of college at a game development company as a project manager before inheriting a sum of money from his grandfather aged just 25.

This included Microsoft stock which was worth 'hundreds of thousands of dollars' by that time.

'My initial reaction was that I would decline it — I was still pretty uncomfortable with my family's wealth and figured I could get a pretty high-paying job in tech and wouldn't need their money.

'But then I turned 25, and I didn't decline the money. In retrospect, that would have been a very silly decision.'

He worked as a project manager for around four years before deciding to quit and pursue his dream of being a standup comedian full time.

And Pete's risk paid off as he now a regular on the circuit.

He now does around five shows every week and often appears at festivals in and around the Bay Area.

'Between what I get from my inherited investments and my income from comedy, my money has remained pretty stable because of my spending habits,' he shared.

Pete now does around five shows every week and often appears at festivals in and around the Bay Area

Steve Ballmer made headlines when he purchased the Clippers in August 2014 for $2billion in the wake of the Donald Sterling scandal

He has since shown off his impressive sideline moves at the team's basketball games - previously being recorded screaming, flailing his arms and dancing like no one was watching

Pete explained that he has stuck to his thrift upbringing ever since.

He claimed he never makes purchases of more than a few hundred dollars and is 'pragmatic' about his spending.

He never flies first class, lives in a two-bed, one-bath apartment with his girlfriend and drives a 2015 Ford Focus.

Instead, Pete admitted to spending his money on healthcare, donations to charitable causes and the occasional pricey trip such as Burning Man.

Pete and his brothers have steered away from asking their parents for large injections of money to this day because it 'would feel kind of gross and pathetic.'

He candidly concluded: 'Obviously, money can do a lot for a person. Growing up with a comfortable life (and being around people who had comfortable lives), I both experienced for myself and observed in others the fact that you can very much still be unhappy while having a lot of money.

'I know I could have some nicer things, but I try to be aware of hedonic adaptation — I know I'd eventually adapt to those lifestyle choices as a new baseline and possibly go down a slippery slope of a more opulent life, which ultimately leads nowhere.'

Steve Ballmer made headlines when he purchased the Clippers in August 2014 for $2billion in the wake of the Donald Sterling scandal.

He has since shown off his impressive sideline moves at the team's basketball games - previously being recorded screaming, flailing his arms and dancing like no one was watching.