Founder of a multibillion-dollar retail conglomerate

Ingvar Kamprad was a businessman from Sweden. He is most recognised for co-founding IKEA, an international retailer.

Ingvar Kamprad Net Worth : $59 billion

Ingvar Kamprad Net Worth
Ingvar Kamprad Net Worth

As a child, Kamprad began selling matches to his neighbours, demonstrating his business abilities. He started IKEA, a firm based on his initials and the first letters of the farm (Elmtaryd) and village (Agunnaryd) where he grew up, in 1943, when he was 17 years old.

He started out by selling picture frames, jewellery, and nylon stockings over the phone, and as his business evolved, he expanded into catalogue distribution. In 1948, Kamprad began selling low-cost furniture, and the new product was so popular that in 1951, IKEA decided to focus solely on home furnishings. Two years later, he opened a showroom in Almhult, Sweden.
He launched a showroom in Almhult, Sweden, two years later. Competitors were enraged by IKEA’s low prices, and Swedish suppliers were encouraged to boycott the company.
In 1982, Kamprad established the ‘Stichting INGKA Foundation’ as a nonprofit foundation. The company had a massive increase in business over the next few years, and it now has over 300 showrooms throughout the world.
IKEA began a new business initiative in 2000 when it began selling its products on the internet. IKEA now has an internet store, which opens up endless possibilities for the company’s growth.

By 2009, the ‘IKEA’ furniture catalogue had been printed; it had to be released in over twenty languages. This demonstrates that the organisation has a diverse range of consumers from around the world.

The firm will no longer be controlled by Kamprad’s heirs. They will inherit a smaller wealth from the Ikano Group, a family-owned conglomerate of finance, real estate, manufacturing, and retail firms with total assets of around US$10 billion in 2016. According to its founding law, the majority of Ikea stores are owned by the Stichting Ingka Foundation, a Dutch institution with the stated objective of donating to charity and “promoting innovation” in design.

IKEA began a new business initiative in 2000 when it began selling its products on the internet. IKEA now has an internet store, which opens up endless possibilities for the company’s growth.

By 2009, the ‘IKEA’ furniture catalogue had been printed; it had to be released in over twenty languages. This demonstrates that the organisation has a diverse range of consumers from around the world.

Books Ingvar also wrote “A Testament of a Furniture Dealer,” a book about his life as a furniture dealer. It was only after someone convinced him that driving it was too risky that he gave up. The car was originally valued roughly $22,000, but by the time he sold it, it was only worth a few thousand dollars.
“If you look at me now, I don’t think I’m wearing anything that wasn’t acquired from a flea market,” Kamprad said on TV in 2014, when he returned to Sweden after 40 years of tax exile, according to The Telegraph.

Growing up in Smaland, a small village in southern Sweden, the self-made billionaire learned about financial responsibility. “Being frugal is in Smaland’s nature,” he explained.

This millionaire CEO will not be flying first class or on a private plane. When Kamprad travelled, he always flew economy and stayed at inexpensive hotels.

These behaviours were intended to serve as an example for Kamprad’s staff as well as a part of his personal attitude toward shopping.

“His subsidised hotels, flights, and meals were taken in part as an example to his executives, who were meant to follow suit, to consider employment at Ikea as a lifelong commitment and to write on both sides of a piece of paper,” according to the New York Times.

Ingvar Kamprad Net Worth
Ingvar Kamprad Net Worth

Books
Ingvar also wrote “A Testament of a Furniture Dealer,” a book about his life as a furniture dealer. He is also the co-author of “Leading by Design: The IKEA Story,” which he co-wrote with journalist Bertil Torekull.


Death
At the age of 91, Ingvar Kamprad died of pneumonia in his sleep on January 27, 2018. Half of his estate will go to projects in Norrland, a sparsely populated region of Sweden, according to his will. He is reported to have sought to create the region in the first place so that young people may reside there.

The businessman controlled IKEA for much of his life through a complex network of investment trusts and foundations, including the Interogo Foundation and the Dutch Stichting INGKA Foundation, which was named the world’s wealthiest charitable foundation by The Economist in May 2006 (though the Bill & Melinda Gates Foundation has grown larger).

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