Who Is Ingvar Kamprad? Net Worth, Interesting Facts About Ikea Founder

Ingvar Feodor Kamprad, the founder of Swedish furniture chain IKEA, died on Saturday. He was 91.

IKEA Sverige‏ released a statement on Twitter that confirmed Kamprad’s death. The company called him ”One of the greatest entrepreneurs of the 20th century."

"Ingvar Kamprad has silently passed away in his home in (the Swedish region) Småland. He was born in Småland 1926 and 17 years old he founded Ikea. Ingvar will be missed and fondly remembered by his family and Ikea co-workers all over the world," the company wrote. According to a press release, Kamprad had died in his home surrounded by family "following a short illness."

"A great entrepreneur of the typical southern Swedish kind - hardworking and stubborn, with a lot of warmth and a playful twinkle in his eye. He worked until the very end of his life, staying true to his own motto that most things remain to be done," the release said.

Under Kamprad, Ikea grew into an international furniture-chain giant, with more than 400 stores worldwide in nearly 50 countries and nearly $48 billion in revenue.

Kamprad's net worth has come with some debate. In 2010, Forbes estimated his wealth at $23 billion. But in 2011 he was believed to have $6 billion. This had to do with a money transfer to a secret foundation that owns Ikea in tax haven Liechtenstein and removed him from direct ownership of Ikea.

In 2016, Kamprad was believed to be worth $3.4 billion. According to Forbes, had Kamprad not denied owning Ikea, his worth would be about $60 billion. According to the Bloomberg Billionaires Index, Kamprad's net worth was $58.7 billion.

He was known for his thrifty ways. "I'm stingy and I'm proud of the reputation," Kamprad had famously said.

Some of his frugal habits included taking home salt and pepper packets when he went to restaurants. He also shopped at flea markets and often rode the bus.

Kamprad was born on March 30, 1926, in Pjatteryd, Sweden. He founded IKEA in 1943 with money received from his father. In 1953, he debuted his first showroom in Almhult. In the 1960’s, Kamprad expanded his business to Stockholm, Norway and Denmark.

In the 1970's, Kamprad opened stores in Canada and Switzerland. By 1985, Kamprad established his first American store in Philadelphia. In 1988, the company generated $8.5 million.

"My theory was that good furniture could be priced so that the man with the flat wallet would be attracted to it, would make a place for it in his spending and could afford it," Kamprad told Forbes in a 2000 interview. "In the markets where we are now, I believe I've achieved that goal."