[Pathfinder] Two of my players don't like magic items. One of them thinks it's too much of a shopping spree and is bored whenever the other players get down to catalogue and dwell on the phat loot they get. The other player didn't feel that treasure was right for his monk character and the Vow of Poverty was too lenient for him.
In both cases, I let the players turn their characters into gestalt classes - monk/inquisitor in one case, fighter/monk in the other - and with a rule that they could own nothing. The fighter/monk has a regular off-the-rack greatsword as her only possession, while the monk/inquisitor has nothing.
It seems to work. Possessions and magic are an integral part of the power level of a PC, and the gestalt mechanic makes them just as powerful (maybe a smidgen more) than their christmas tree allies.
The monk/inquisitor has run like that for three levels, while the fighter/monk has just been made. We'll see how it works for her.
This might also be a viable solution for campaigns where treasure should be hard to come by.