When most of us dream of riding some expensive whips and living in a huge mansion hen we get rich, some of the world’s wealthiest people do quite the opposite when they can afford whatever their heart desires.
Among them was the founder of IKEA, Ingvar Kamprad, who lived a modest lifestyle despite being worth $58.7 billion at the time of his death. Know more about his shocking lifestyle.
The Late IKEA Magnate Lived A Modest Lifestyle
Despite the multi-billion dollar company and billions of dollars in his pocket, Ingvar Kamprad preferred a simple lifestyle. His life was a perfect example of “Simple Living High Thinking”.
Throughout his life, Ingvar lived in a simple bungalow in Sweden and ate at his store’s cafe. His favorite go-to food was Swedish meatballs, lingonberry jam, and mashed potatoes sold by his stores.
Even though Kamprad could buy a private jet worth of $3 million, he only flew in economy class. In a similar way, he drove around a 1993 Volvo 240 GL which was worth around $22,000 fifteen years back.
Did You Know? The multi-billionaire often traveled by bus despite owning a car.
Surprisingly, Ingvar bought clothes from the flea market. He used to get a haircut in foreign countries where the cost was pretty low compared to the Netherlands where he paid $27.
When Was IKEA Founded?
The Swedish business magnate founded his billion-dollar company, IKEA, a multinational retail company specializing in furniture in 1943. IKEA is made up of his name Ingvar Kamprad, Elmtaryd, the family farm where he was born, and the nearby village Agunnaryd where he was raised.
The company designs and sells ready-to-assemble furniture kitchen appliances and home accessories and other useful goods.
As of June 2019, the company has 433 stores operating in 52 countries and during the fiscal year 2018, about €38.8 billion i.e. $42.73 billion worth of IKEA goods were sold.
Most of their stores and factories are owned by INGKA, a holding company controlled by the Stichting INGKA Foundation, which is one of the 40 wealthiest foundations in the world.
Fun Fact: IKEA is responsible for approximately 1% of world commercial-product wood consumption making it one of the largest users of the wood in the retail sector.
How Much Was Ingvar Worth Of At the Time Of His Demise?
According to the Bloomberg Billionaires Index, Ingvar Kamprad was estimated at around $58.7 billion in 2018. Whereas as per Forbes, Kamprad was worth $3.4 billion in February 2015.
Kamprad began developing a business as a young boy from selling matches. He then began traveling further on a bicycle to sell fish, Christmas tree decorations, seeds, pens, and a pencil. He later founded IKEA at the age of 17 with the money his father gave him as a reward for his good grades.
Ingvar passed away in sleep due to pneumonia at his home in Smaland, Sweden on 27th January 2018 at the age of 91. As per his will, half of his inheritance will go to projects in Norrland, his son as the sole heir of an entity called the Ikano Group, and his adopted daughter will receive $300,000.