Ingvar Kamprad, Ikea’s Swedish Billionaire Founder, Dies at 91

Ingvar Kamprad, Ikea’s Swedish Billionaire Founder, Dies at 91

 

“One of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away at his home in Smaland, Sweden, on Jan. 27," Ikea said in an emailed statement on Sunday. The founder of Ikea, as well as a bank for its customers, Ikano, “was “surrounded by his loved ones,” and died “following a short illness."

Kamprad had an estimated net worth of $58.7 billion, making him the world’s eighth-richest person. The wealth was accumulated by producing furniture for the masses that was affordable and easy to transport.


“We are mourning the loss of our founder and dear friend Ingvar,” Jesper Brodin, chief executive officer of the Ikea Group, the largest retailer in the Ikea franchise system, said in a statement. “His legacy will be admired for many years to come and his vision –- to create a better everyday life for the many people -– will continue to guide and inspire us.”

Frugal Billionaire

Ingvar Feodor Kamprad was born March 30, 1926, near the southern Swedish town of Almhult. His father, Feodor, looked after the family farm and his mother, Berta, ran a lodging house on the property during the summer. At age 5, Kamprad started his business ventures by selling matches to his neighbors. Buying in bulk in Stockholm and selling at a premium in smaller quantities, he got his introduction to a business practice he would cherish at Ikea.



Kamprad stepped down as CEO in the late 1980s. He continued to wield power as an adviser to the holding company, and he designed an ownership structure to ensure Ikea’s future survival and independence. An Ikea employee magazine in 2012 revealed that his three sons had been given more active roles at the closely held company. In 2013, he relinquished his role as chairman of Inter Ikea Group.

Kamprad’s death “will affect us all and we’ll take time to be sad and reflect on what Ingvar achieved," Brodin said.