Many ASX investors like to turn to others for stock-picking ideas and counsel. That's fair enough. Successfully investing in ASX shares is a tricky endeavour and can take years to build confidence and ability. Leaning on others' views, opinions and advice can be a great way to speed up the process.

But relying on the picks of friends and family can also be a dangerous business. There's a good chance that your nearest and dearest are inexperienced in the way of investing, and might impart some less-than-prudent advice.

In this light, perhaps looking to the people who already have runs on the board might be a more lucrative path to go down. After all, people who have money tend to know how to make more of it.

So today, let's check out six ASX shares that various billionaires in Australia reportedly own. You don't, and perhaps shouldn't, have to follow these billionaires and buy the shares straight away.

After all, these peoples' risk tolerances are obviously far higher than ours, thanks to an abundance of surplus cash. But just getting an insight into how the rich invest may help your own investing practice.

Let's start with ASX retail stock Lovisa Ltd (ASX: LOV). This discount jewellery retailer has been a famous winner on the ASX for a few years now. But what those on the sidelines might not realise is that this company has some serious billionaire involvement.

Lovisa founder and billionaire Brett Blundy still owns just over 43 million Lovisa shares, worth approximately $1.39 billion today. According to a report from The Australian last year, as of September 2023, Blundy also owned roughly $67 million worth of candle and homewares retailer Dusk Group Ltd (ASX: DSK).

That same report names another billionaire ASX stock. Fabric and sewing connoisseurs might be familiar with retailer Spotlight. Spotlight is private, but its deputy chair Zac Fried is also a director and major shareholder of asset manager HMC Captial Ltd (ASX: HMC).

Fried owns just over 31,000 shares of HMC (worth ~$208,000 today), as well as almost 10,000 performance rights. He's done very well on HMC's 77.5% rise over the past 12 months.

Let's turn to TPG Telecom Ltd (ASX: TPG) founder David Teoh. Teoh was formerly the TPG boss but stepped down a few years ago. Teoh still owns just over 241 million TPG shares or 14.1% of the business' issued capital.

But he also currently chairs TPG-spinoff Tuas Ltd (ASX: TUA), which was the former Singaporean arm of TPG Telecom. Teoh, as of 31 July 2023, also owns close to 173 million Tuas shares, for a current value of $664.27 million.

According to The Australian report, another ASX billionaire stock is Premier Investments Limited (ASX: PMV). You might know Premier by its founder Solomon Lew. Lew, a billionaire, owns 4.44 million Premier shares, worth approximately $136.22 million.

But another major shareholder is fellow billionaire Lindsay Fox. Fox is best known for the eponymous shipping brand LinFox, which is privately owned. But Fox also owns 2.58 million Premier shares, worth around $79.8 million.