Penny-pinching Ikea founder had $77 billion

Billionaire IKEA Founder Ingvar Kamprad – Who Drove A Modest Volvo And Wore Second-Hand Clothes – Dies At The
IKEA founder dies at his home in Sweden
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29 January, 2018

The Swedish furnishing giant said in a statement yesterday: "One of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Smaland, Sweden, on Jan 27".

Ingvar Kamprad, who founded Sweden's IKEA furniture brand and transformed it into a worldwide business empire, has died at the age of 91. Copied by high-end fashion designers, the big blue reusable bag has been in the IKEA catalogue for 30 years and is possibly the company's most hard-working products. In 1986 he left Ikea's address to continue as an advisor and in 2013 announced his decision to leave board of directors, which he left in hands of one of his three children, Mathias Kamprad.

The rest of trajectory of group has been marked by growth in sales and by culture of company that Kamprad wanted to print. On the day of his death, the Bloomberg Billionaire Index ranked him as the eighth richest person in the world, with a total estimated worth of $58.7 billion.

IKEA Sverige, the chain's Swedish unit, said on Twitter that Kamprad died Saturday at his home in Smaland, Sweden.

Swedish Foreign Minister Margot Wallstrom tweeted her condolences, saying that Mr Kamprad had "put Sweden on the world map". His activity in the group was extensive enough that, in the same year Kamprad formed Ikea, Sweden's state police began investigating him and speculated that he held a leadership position in the organization.

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Apart from financial success - Ikea had global revenue of 36.3 billion euros ($45 billion) in 2017 - the company Kamprad led until 1986 regularly featured in lists of best employers for offering appealing perks and attractive working conditions.

But Kamprad said he stopped attending its meetings in 1948, later attributing the period to the "folly of youth", calling it "the greatest mistake of my life". "The company has done more to bring about an acceptance of domestic modernity than the rest of the design world combined". Last time it was in Vietnam, ' Kamprad explained.

Who was Ingvar Kamprad?

The third is the initial of Elmtaryd - the family farm he was born at.

He first started building the business when he was just five, selling matches and delivering them by bike to nearby neighbours. IKEA is owned by a foundation Kamprad created, whose statutes require profits to be reinvested in the company or donated to charity.


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