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1.
Someone who gives up certain material values such as highly payed jobs or expensive cars for other qualities in life.
During a cigarette break at McKinsey's:
A: I haven't seen Bob in a while.
B: Yeah, he quit. Sells burgers for McDonald's now.
A: What? Is he nuts?
B: Yeah, Bob is a real downshifter. Sold his BMW, sold his house and is working part time now. Broke up with Linda too. She was high maintenance, all right. Says he is happy now; has all the time in the world.
by Dietrich September 10, 2006
 
2.
People who had a good professional job and (usually) a house which had significantly increased in value - but then they realised that by selling the house and moving to another (usually rural, far cheaper) area of the country, they could 'downshift' their lives and yet still have a small fortune in the bank + less stress, less work, more time with the family, more money.

See also: downshifting.
I know a couple who downshifted from their £2.1m house in London. She was in teaching, he was an accountant. Now they run a great little art gallery during the summer in the wilds of the Derbyshire Peak District, and just make art and teach their kids for most of the year."
by Nupe January 06, 2004