Tycoons Weekly Update

Teenager Ingvar Kamprad Peddled matches, fish, pens, Christmas cards and other items by bicycle.

Ingvar Feodor Kamprad is a Swedish entrepreneur was born in Pjätteryd in Almhult Municipality and grew up on a farm called Älmtaryd near the small village of Agunnaryd in Liungby Municipality in the province of Smaland, Sweden on March 30,1926.

According to Forbes magazine, he is the richest person in Europe and the 5th wealthiest person in the world in 2009, with an estimated net worth of around US$22 billion.

When Kamprad was a young boy he buys the matches from Stockholm in bulk very cheaply and sell them individually at a low price from his bicycle. From matches, he expanded to selling fish, Christmas tree decorations, seeds and later ballpoint pens and pencils. When Kamprad was 17, his father gave him a reward for succeeding in his studies. He used this money to establish the home furnishing retail chain IKEA.

The acronym IKEA is made up of the initials of his name (Ingvar Kamprad) plus those of Elmtaryd (now spelled Älmtaryd) , the family farm where he was born; and the nearby village Agunnaryd.

Kamprad lived in Switzerland since 1976. At that time he maintained a very simple life. He drives a 15 year old Volvo, use economy class during air travel and take very cheap meals. He always encourages his IKEA employees to write on both sides of a paper.

Swedish business weekly Veckans Affarer reported that Kamprad is the wealthiest person in the world, assuming that he owns the entire IKEA Company. But both IKEA and the Kamprad family reject that report because Kamprad personally retains little ownership in the company. He transferred his interest to Stichting INGKA Foundation and INGKA holding as part of a complex tax sheltering scheme.

The sliding value of the US dollar in 2005 put Kamprad ahead as the richest person in the world. In March 2009, Forbes magazine estimated his fortune at US$22 billion, making him the 5th richest person in the world.

Though he retired in 1986; as company’s “senior adviser” he still reportedly works tirelessly on his brand. His sons all work at the company.