Ikea founder Ingvar Kamprad dies at age of 91

The founder of the Ikea furniture chain, Ingvar Kamprad, died in Småland, Sweden, on Sunday, the company said.

 
Ingvar Kamprad  

The Swedish pioneer of flat-pack furniture, died at his home, at the age of 91 according to a company statement.

The company added that Kamprad was "one of the greatest entrepreneurs of the 20th century".

The billionaire, who was born in 1926 founded Ikea at the age of 17.

He used some money gifted by his father for performing well at school despite his dyslexia, to set up the business.

At a later stage in his life, he was questioned over his past links to fascist groups, which he admitted, was a "mistake".

Ikea said in a statement yesterday that Kamprad had "peacefully passed away at his home".

He worked until the very end of his life, staying true to his own motto that most things remain to be done," it added. Kamprad finally stepped down from the company's board in 2013, at the age of 87.

"Ingvar Kamprad was a great entrepreneur of the typical southern Swedish kind - hardworking and stubborn, with a lot of warmth and a playful twinkle in his eye," the company said.

According to commentators, Ikea designs became popular partly due to their simplicity and value.

"He will be immensely missed and warmly remembered by his family and Ikea employees around the world," the company said in the statement.

One of the richest people in the world, Kamprad ranked No8 on the Bloomberg Billionaires Index, which estimated his worth at $58.7 billion.

In 2017, Ikea's global revenue stood at €36.3 billion ($45 billion).

Kamprad led the company which was included in the lists of best employers for offering appealing perks and attractive working conditions, till 1986.

The company is now owned by the Dutch Stichting Ingka Foundation, created by Kamprad, in which he  remained a senior adviser to the group's supervisory board until his death.