Founder of Ikea, Ingvar Kamprad DEAD @ 91
Created a Global Empire With Simply-Designed, Low-Cost Furniture
He built Ikea into the world’s largest furniture retailer. Over 350 stores, across 29 countries with sales of more than $47.6 billion.
In 1985, the first Ikea was opened in the United States near Philadelphia.
Ranked as the world’s eighth-richest person, worth $58.7 billion. That success came with a price including alcoholism. He had a fascination with fascism and lead a life of almost monk-like frugality.
He practiced extreme thrift -- a resident of Switzerland to avoid Sweden’s high taxes, drove an old Volvo, flew only coach, stayed in cheap hotels, ate cheap, was a bargain shopper and live in a modest home. He claimed he had no real fortune and to that end Ikea was held by a charitable trust.
The truth turned out to be a little different. He lived in a villa overlooking Lake Geneva, and he had an estate in Sweden and had a vineyard in Provence. The Volvo was also parked next to a Porsche. His cut-rate business style was used as an example to his executives.
Ikea was operated through a charitable trust in the Netherlands that was controlled by the Kamprad family. A structure is in place for preserving the company and having it remain intact after his death.
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