US$58.7 Billion Fortune Falls to No One after Billionaire Founder's Death

The Billionaire who founded the Ikea stores left in place a unique structure which ensures it stays outside the family’s direct control, “The Kamprad family members in the Supervisory Councils have been and shall always be in minority”

The stores are now owned by a Foundation, with the stated purpose of donating to charity and “supporting innovation” in design and to reinvest profits back in the company.

The Ikea group, has 403 stores across every continent, employs 190,000 people worldwide and generates annual sales of 38 billion euros.

Ingvar Kamprad had some flaws which included flirting with fascism in his early years, at some stage he became an alcoholic, he was “not interested in money,” he was known to drive a 1993 Volvo 240 and flew only economy class.

He started selling matches at the age of five.
At seven he began travelling further afield on his bicycle to sell to neighbors’.
From matches, he expanded to selling fish, Christmas tree decorations, seeds, and later ballpoint pens and pencils. ~
At 17, he founded IKEA in Sweden, selling replicas of his Uncle’s Kitchen table.
In June 2013, Kamprad voluntarily resigned from his own board, he explained, “I see this as a good time for me to leave the board of Inter IKEA Group. By that we are also taking another step in the generation shift that has been ongoing for some years.”

Kamprad died peacefully in his sleep at his home in Sweden, on 27 January 2018 at the age of 91”

The surname Kamprad is a variant of “Comrade” - a true friend.

I heard the guy was very frugal. He abandoned the Volvo only after he was told that it could kill him.

I am a die-hard IKEA shopper and admire their ability to merge design with affordability. The owners frugality is represented by that philosophy of modular products anybody can assemble, packaged in flat cartons whenever possible. My kitchern in Kenya is all IKEA. R.I.P.

But that wealth is divided among sons just look at Forbes billionaires and search IKEA you will find them there

at least his foundation, a very generous one, has been paying my salary for the last 5 years