"All three brothers spent time with Ingvar to learn and be inspired – Ingvar was a fantastic source of knowledge and inspiration," the brothers' publicist told Business Insider. as of 3/2/15. Though stocks of the world’s biggest tech companies fell in March in response to the coronavirus pandemic, founders of tech giants, starting with Jeff Bezos, still dominate the uppermost ranks of Forbes’ new billionaires list. since. Visit Business Insider's homepage for more stories. Tweet me @maxjedeur. I am a reporter for the Wealth team at Forbes where I cover the richest of the rich I write about what billionaires did, did not and wish to do with their fortunes - and comment on worldly event that effect them. Take a look at the Swedish family behind the world's largest furniture retailer. In the late 1980s, the Interogo Foundation was established in Liechtenstein to become the ultimate owner of the Inter Ikea Group. Ikea employs more than 208,000 worldwide and operates 434 stores; 19 new stores opened in 2018 alone. Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA has been the world's largest furniture retailer since 2008. Kamprad stepped down as CEO in 1986 at age 60, at which time Ikea was divided into three separate and independent companies: Inter Ikea Group, Ingka Group, and Ikano Group. The Dutch-registered Stichting INGKA Foundation is named after Ingvar Kamprad (i.e., ING + KA) which owns INGKA Holding, the parent company for all IKEA stores. Ikano Group, which has interests in banking, insurance, real estate, and more, became an independent company in 1988 and is now owned by Kamprad's three sons. From makeup mogul Kylie Jenner to Hong Kong real estate heir Jonathan Kwok, these 10 billionaires are worth $15.9 billion combined. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. Ikea founder Ingvar Kamprad (Photo by Chris Jackson/Getty Images), Known for his relentless pursuit of efficiency, Kamprad introduced the flat-pack in 1953, then moved production of his cheap chic furniture to Soviet Poland in 1961 to minimize labor costs. © 2020 Forbes Media LLC. 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The company has been criticized for its complex corporate organizational structure. It operates eight Ikea stores in Singapore, Malaysia, Thailand, and will open one store in Mexico and one in the Philippines in 2020, a spokesperson for the brand told Business Insider. He opened his first furniture store in 1947 and built it into one of the world’s largest and most successful retailers, which today has revenues of nearly $46 billion. In 2016 Kamprad fell off the Forbes billionaires list after he transferred his assets to his sons Peter, Mathias and Jonas, all of whom are billionaires. He attended meetings of pro-Nazi extremist groups and was reportedly part of the Swedish version of the Hitler Youth. Kamprad became part of Sweden's fascist movement around the same time he started Ikea, The Washington Post reported. At the time of his death, Ingvar Kamprad was ranked No. The Kamprad brothers own Ikano Group, the $9.1 billion company that was created to manage Ikea's real estate and financial service businesses, but became an independent entity in 1988. Peter Kamprad is the chairman of the board and Jonas and Mathias are also board members. 2015 Billionaires NET WORTH. The Swedish company was founded in 1943 by Ingvar Kamprad, who died in 2018 … Kamprad's three sons, Peter, Jonas, and Mathias Kamprad, all have board member roles within the group of companies that make up Ikea. started Ikea in 1943 when he was just 17 years old, 434 stores and employs more than 208,000 people, Ikano Group, a group of companies involved in areas including real estate, he started out selling things like picture frames, Kamprad became part of Sweden's fascist movement, criticized for its complex corporate organizational structure, Kamprad moved Ikea's headquarters from Sweden to Copenhagen. India's richest man got $16.4 billion richer in 2019. From WeWork’s Adam Neumann to Canada Goose chief Dani Reiss, 267 people who were billionaires a year ago did not make onto Forbes’ new list of the World’s Billionaires. Kamprad created IKEA when he was 17, peddling matches, fish and Christmas cards by bicycle. The 10 Richest Russian Billionaires In 2020, The Richest Healthcare Billionaires Around The World 2020, The States With The Most Billionaires 2020. At the time of his death, Kamprad was ranked No. I am a reporter for the Wealth team at Forbes where I cover the richest of the rich I write about what billionaires did, did not and wish to do with their fortunes - and. Home to Silicon Valley, it’s no wonder California has so many of the world’s richest. 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. In 2011 his net worth fell dramatically after his lawyers presented documents detailing how the ownership of Ikea had been irrevocably transferred to a foundation in tax haven Lichtenstein decades earlier. If you look at me now, I don't think I'm wearing anything that wasn't bought at a flea market.". In May 2006 the charitable foundation was reported by The Economist to be the world's wealthiest charity, however the Bill & Melinda Gates Foundation has since become larger. Subscriber Kamprad famously left Sweden to avoid punitive taxes in 1973. 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. Kamprad relentlessly pursued efficiency to keep his furniture prices low and showed little interest in the trappings of wealth, at one point driving a Volvo for two decades. In 2011 his net worth fell dramatically after his lawyers presented documents showing that ownership of IKEA had been irrevocably transferred to a foundation in tax haven Lichtenstein decades earlier. His family was poor, and Kamprad made extra money selling matches and pencils in villages, The New York Times reported. Kamprad was chairman of the foundation. Though California may boast more billionaires than any other U.S. state, Wyoming has the highest billionaires per capita. The company’s name is a combination of the initials of his first and last name, his family farm and the nearest village. In 2014 he moved back to the outskirts of Älmhult, the rural town close to where he grew up that is home to Ikea's headquarters. He reportedly preferred to fly economy and for more than two decades drove a Volvo until he was convinced it was no longer safe. Account active The founder of furniture retailer Ikea died at the age of 91 surrounded by his loved ones, according to a statement released by the company. The name Ikea is an acronym for the initials of Kamprad's first and last names combined with the initials for the name of the family farm where he was born (Elmtaryd) and the nearest village (Agunnaryd). A leading-edge research firm focused on digital transformation. Jonas, who lives in London, studied industrial design and was previously involved with Habitat, which was owned by the Ikano Group, but was sold in 2009, the Kamprads' publicist told Business Insider. Kamprad's three sons, Peter, Jonas, and Mathias Kamprad, all have board member roles within the group of companies that make up Ikea, an Ikea spokesperson confirmed to Business Insider. Ingka Group is one of Ikea's 12 franchisees and owns Ikea Retail, which operates 367 of Ikea's 434 stores. Roughly half of the planet's 2,095 billionaires are now citizens of either the United States or China. Mexico's richest citizens have lost billions after an already tumultuous year for Latin America's second-largest economy turned worse. The home was listed on real estate websites with a note that read, "Current house to demolish," according to The Local. His net worth would have been much higher today, probably upwards of $60 billion, had he not denied owning Ikea. His net worth would have been much higher today, probably upwards of $60 billion, had he not denied owning Ikea. These are the 10 states with the largest number of the world's richest. In 1973, Kamprad moved Ikea's headquarters from Sweden to Copenhagen, Denmark, to avoid unfavorable business taxes for the fast-growing company. The 91-year-old, who died last month, was one … There are 234 women on this year’s list, and a familiar face returns as the world’s richest woman. "He lived in Switzerland to avoid Sweden's high taxes, drove an old Volvo, flew only economy class, stayed in budget hotels, ate cheap meals, shopped for bargains and insisted that his home was modest, that he had no real fortune and that Ikea was held by a charitable trust," Robert D. McFadden wrote for The New York Times. The group also provides advice on "sustainable risk solutions" for the Ikea franchise concept, according to its website. Ingvar Kamprad, founder of global furniture retailer IKEA, died on January 27, 2018 at age 91. Inter Ikea Group controls the intellectual property of the Ikea brand and is where the Ikea franchisor sits. Best recognized as the founder of the retailing company IKEA, Swedish business magnate and billionaire Ingvar Kamprad has an estimated net worth of $52.8 billion in January 2018. Kamprad sat on the supervisory council of the foundation until his resignation in 2013, at which point he gave up the rest of his formal power over Ikea, according to the brand. © 2020 Forbes Media LLC. In 2012 Forbes dropped Kamprad's net worth to $3.3 billion. At one point, Mathias, who also lives in London, worked as an assistant to his father, Ingvar, according to Forbes. The coronavirus pandemic and a price war between Russia and Saudi Arabia have dealt a double blow to the fortunes of top energy billionaires.
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