Ingvar Kamprad, the reclusive billionaire who founded Ikea, grew up selling pencils in Swedish villages and was the 8th-richest person in the world by the time he died. Here's how he built a fortune off furniture.
Mark Cuthbert/UK Press via Getty Images; Ikano Group; Ruobing Su/Business Insider
- Ikea is the world's largest furniture retailer, according to Forbes.
- The Swedish company was founded in 1943 by Ingvar Kamprad, who died in 2018 as the eighth-richest person in the world with control of the $58.7 billion Ikea fortune, according to Bloomberg.
- In his youth, Kamprad had ties to pro-Nazi groups, which he later apologized for and called "his biggest mistake."
- Kamprad's three sons, Peter, Jonas, and Mathias Kamprad, all have board member roles within the group of companies that make up Ikea.
- The Kamprad brothers own Ikano Group, a $9.1 billion group of companies involved in areas including real estate, banking, insurance, and retail that was once part of Ikea but later became an independent company, although it still controls 8 Ikea stores.
- Each brother has a net worth of about $1 billion, according to Forbes.
- Visit Business Insider's homepage for more stories.
Ikea is the largest furniture retailer in the world, but most of its customers probably couldn't name its founder.Ingvar Kamprad, the company's reclusive and frugal founder who died in January 2018 at age 91, started Ikea in 1943 when he was just 17 years old. Over the years, he built it into a multibillion-dollar global company that now has 434 stores and employs more than 208,000 people worldwide.
The three Kamprad brothers own Ikano Group, a group of companies involved in areas including real estate, banking, insurance, and retail that was once part of Ikea but later became an independent company. Peter Kamprad is the chairman of the board and Jonas and Mathias are also board members.At the time of his death, Ingvar Kamprad was ranked No. 8 on Bloomberg's Billionaires Index thanks to his control of a $58.7 billion Ikea fortune. His personal assets were confirmed at about $130 million at the time of his death, a spokesperson for Inter IKEA Group, which controls the intellectual property of Ikea, told Business Insider.
Take a look at the Swedish family behind the world's largest furniture retailer.
Ikea is the world's largest furniture retailer, according to Forbes.
Ikea was founded in 1943 by Ingvar Kamprad, a reclusive Swedish billionaire who died in January 2018.Advertisement
Kamprad grew up on a farm in southern Sweden.
Kamprad was only 17 years old when he started what would become the world's largest furniture retailer.Advertisement
As a young man, Kamprad had ties to pro-Nazi groups.
Over the years, Kamprad grew Ikea into a multibillion-dollar business with hundreds of stores across the world.Advertisement
Despite his wildly successful company, Kamprad lived a relatively frugal lifestyle.
His home in Switzerland, a single-story ranch villa overlooking Lake Geneva, was relatively modest for a multibillionaire.Advertisement
The Swedish billionaire was married twice and had four children.
Kamprad's three sons, Jonas, Peter, and Mathias, are now in their early and mid 50s.Advertisement
Ingvar's oldest son, Peter Kamprad, is the chairman of Ikano Group.
Jonas Kamprad is also a board member at Ikano Group.Advertisement
In addition to sitting on the board of Ikano Group like his brothers, the youngest Kamprad brother, Mathias, serves on the supervisory board of Inter Ikea Group, which operates most Ikea stores.
- Sanofi, GSK to supply COVAX with 200 mn doses of COVID-19 vaccine (Ld)
- After Bihar, now BJP promises free Corona vaccine in MP
- Sanofi, GSK to support COVAX with 200mn doses of Covid-19 vaccine
- Union Minister Smriti Irani tests positive for COVID-19
- Samsung overtakes Xiaomi to retake the smartphone crown in India