Ingvar Kamprad is the founder of the IKEA store company. He is a Swedish businessman and philanthropist.
His Early Life
He was born in the year 1926, south of Sweden. A son to Frans Feodor Kamprad, an immigrant from Germany, and Berta Linnea Matilda Nilsson, mother. He grew up in Elmtaryd, Sweden.
He got engaged in the world of business while at a younger age. Furthermore, he used the surrounding people to engage in small business. At only 5, he could purchase matches at a lower price than sell them to neighbors. He started selling decorations, fish, and other foodstuffs at a cheaper fee.
Kamprad start IKEA
His father rewarded him with a lump sum of dollars for excelling in his studies. He used the money to start a company known as IKEA. At first, he was selling his uncle’s kitchen table products before setting up a furniture store. Ingvar will stay on the desktop for almost half a day trying to mail orders. IKEA is the symbol of Ingvar Kamprad Elmtaryd. He and his family grew up in a nearby place called Agunnaryd. The things that made him succeed in this business are disagreeable, conscientious, and open to everyone.
Kamprad moved from Sweden to Denmark with his whole family. He did not leave the company at home; he set up its headquarters in Copenhagen, Denmark. Kamprad used to avoid paying tax, a report by no more tax. This was to protest against his country’s high taxation rate that was reducing the profit. The company’s current headquarters are in the Netherlands.
They currently work with his younger brother as they offer leadership rules. He also holds the INGKA, which is the parent element of IKEA stores. Besides, he was the chairman of Stitching INGKA company. He has been the CEO of KEA since its beginning, but he stepped down in 2013. That’s when his younger brother, Mathias Kamprad, took over as CEO.
Ingvar has little direct ownership of IKEA. Most of the company’s interest is transferred to the foundation known as Stichting INGKA. This is a complex tax sheltering scheme that makes the tycoon pay less. IKEA is one of the largest trusted and beloved furniture brands in the world. Currently, the company has almost 370 stores across the world in 47 countries.
His current net worth amounts to 42.8 billion, according to the latest report by celebritynetworth. Before he stepped down as the CEO, he used to earn $1,500,000,000 per year. Forbes named him the 11th richest person in 2013. At that time, his net worth had accumulated to $23 billion.
IKEA had bylaws that prevented Ingvar from benefiting from the profits. This caused his net worth to drop the following year drastically. Some of his lawyers had to produce a document to defend against that occurrence. He found himself in position 162 on Forbes List, and the world had to question that.
Invar Kamprad owns a Porsche, and most of the time, he likes driving by himself. Besides, he has a villa park in his home country. In Sweden, he bought a large estate. He traveled to France, where he purchased a vineyard in Provence.
Ingvar Kamprad and his Personal Life
Kamprad married his first wife in the 1950s called Kerstin Wadling. They adopted a daughter named Annika. The tycoon went ahead and married his lovely 2nd wife in 1960. She was just in her twenties. Margaretha Kamprad-Stennert died in 2011. She had conceived three sons: Jonas, Mathias, and Peter.
He had already declared how his property ownership would be inherited. All his 3 sons will divide among themselves $1.5 billion. His only daughter will get $300,000 from the property.
What friend say about Kamprad on the economy
According to a report from his friends, Ingvar was a frugal creature. He could buy cheap house staff and stay in a hotel to fly away from the economy. He drove the same vehicle for almost twenty years. Ingvar did not like the art of borrowing money from a corporation or other individuals.
He could walk along with his IKAE company’s employees, encouraging them to use both sides of papers for maximum utilization. While in Poland, Ingvar Kamprad got addicted to alcohol, but he said it is under control.
He died recently in 2018 at the age of 91 years old in his home country, Sweden, a report by economic times.