This post is one of several on business heirs apparent. Let us know in the comments whether you think Ingvar Kamprad's sons should take up the reigns of IKEA, and be sure to check out the other heir apparent posts.
A frugal lifestyle and an eye for what's trendy have allowed Ingvar Kamprad to amass the world's fourth-largest fortune by selling $15 chairs and $450 sofas. The 81-year-old Swedish citizen launched the privately-held IKEA in 1947 and has built it into the world's largest furniture retailer, with stores in 34 countries. The notoriously frugal billionaire (worth about $33 billion) drives a decade-old car, flies coach, and furnishes his own home with the affordable products found in his stores.
While "Ingvar Kamprad" may not roll off the tongue with ease, the household brand name of IKEA is an acronym derived from his initials, the farm where he grew up (Elmtaryd) and his home county of Agynnaryd.
Into his 80s, Kamprad serves as senior adviser for the governing Ingka Foundation, but is not allowed to hold an official position on the five-person board due to his advanced years. Still it seems as though he pulls many of the strings. In fact, according to a 2006 Economist article, "[Kamprad's] control is so tight that not even [his] heirs can loosen it after his death."
Speaking of those heirs ... On one hand, Kamprad's three sons stand to inherit tens of billions apiece. On the other hand, they may not be deemed worthy of the business. He once said he doubts his sons' ability to take the reins. At the start of this decade, he declared that whichever son was most successful in running their respective parts of Habitat (a furniture chain IKEA absorbed in 1992) would inherit the business and the fortune.
Now, the trio of offspring all work for IKEA and rotate in three-year terms as head of Ingka's executive board. Still, Kamprad says he hopes "none of [his] sons goes on to be the boss," due to the tireless hard work involved.
Kamprad remains spry and hard-working, and isn't likely to leave IKEA and Ingka in the lurch just yet. It doesn't seem, however, that he's making firm plans for the company's future once he leaves the mortal coil. The three sons will have an empire to control, but without their paternal blessing, will they even care?
Also be sure to check out the other heir apparent posts.
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Reader Comments (Page 1 of 1)
5-12-2008 @ 1:19PM
CYNTHIA E AQUINO-SUDARIO said...
i am very happy for those people who are making themselves on the top. and they can sustain on their current status, sad to say i am a formerly lady millionaire but later i found out i already lost my wealth and riches because of too much trust and too much helping to people. now i really don't know how will i recover the lost..but after that nightmare in my life i found myself serving the Lord ministry and that i am a born again christian of san jose city conservative baptist church, was elected as the overall president of the womens fellowship called mary martha of the san jose conservative baptist church, elected also as the overall vice president of the conservative baptist womens association of nueva ecija , elected and member of the Board of deaconess of the san jose conservative baptist church as well member of the praise and worship team , and teaching bibile studies for the young people.. how i wish somebody might read and touch with my story so that he/she can help me recover and give me a chance to start all over again to gain for my future, financially in need. they can contact me at my email add --- cynsudario@yahoo.com-- mailing address at number 2 laureta street, san jose city 3121 nueva ecija, philippines-- fax number 0063 44 511 2862 -- mobile number 00639174604434. thank you so much and more power to all