Ingvar Feodor Kamprad is an 83-year old Swedish businessman who founded IKEA, a home furnishing retail chain. Born in March 30, 1926, he is currently the richest person in Europe and the 5th richest person in the world, as listed in Forbes magazine. He has amassed an accumulated wealth of around $22 billion.
Kamprad was born in Älmhult, Kronoberg County and spent his childhood on a farm called Elmtaryd in Småland, Sweden. The would-be tycoon started creating businesses at a young age. As a teenager, he sold matches, pens, cards, decorations, fish, and other items with his bicycle. At 17 years of age, he was given money by his father for becoming a successful student. He used that cash to startup a business that has since then grown into what we know today as IKEA.
The name IKEA comes from his initials, I.K. and the initials of the farm’s name where he was born, Elmtaryd, and the small nearby village of Agunnaryd. He opened his first IKEA store and began selling furniture in 1947.
In contrast to the wealth he has accumulated, Ingvar Kamprad has been known to live a private and frugal lifestyle. He has not owned any expensive luxury cars and has avoided eating lavish meals in expensive restaurants, mostly opting for the cheaper ones. He flies only economy class.
Ingvar Kamprad has been retired from IKEA since 1986, but has still been active as the company’s senior adviser. Despite personally retaining little ownership in the company, he has led the company in the right direction with utmost dedication. He has guided the company to growth and profitability over the years. IKEA sells around 9,500 products and has now expanded in 36 countries.