IKEA made its founder Ingvar Kamprad rich, and the flat-pack mogul says he’s stayed that way by being thrifty. In a new documentary soon to air on Swedish television, Kamprad admits to buying his clothes at flea markets to hang on to his billions. He points to the cultural attitudes of his homeland in the Smaland region of Sweden, where being frugal is considered crucial.
Kamprad, who will turn 90 at the end of this month, is really rich, but nobody is very sure how rich the furniture company’s founder actually is. His assets are estimated to total around $72.26 billion, according to recent Swedish media reports, but there may be even more. IKEA’s wild success, with 301 stores in 37 countries, may have made Kamprad his fortune, but his constant pursuit of a lower cost of living has helped protect those riches. He even moved his family from his native Sweden to Denmark because of its lower taxation, and then to Switzerland for the same reason, before finally returning home to Sweden just two years ago.
Kamprad has a reputation for being thrifty in many areas of daily life, and it’s no secret that he keeps himself on a pretty strict budget. He also has some unique ways of cutting costs, like waiting until he happens to be visiting a developing country to get a haircut because the price is lower there. Even though most of us aren’t in a position to follow his example to the letter, the concept is pretty simple. There are lots of ways to save a little money here and there and it all adds up.
Via The Guardian