Ingvar Kamprad built one of the world’s biggest furniture brands, but his personal life looked very different from what many would expect of a billionaire.The IKEA founder, whose fortune was once estimated at $58.7 billion, was known for living simply. He bought clothes from flea markets, drove an old Volvo, flew economy class and even took home free packets of salt and pepper from restaurants.Kamprad, who died in 2018 at the age of 91, often said his lifestyle was shaped by the values he grew up with in southern Sweden. Even after turning IKEA into a global business, he continued to believe that spending money carefully was the right way to live.In a 2016 documentary on Sweden’s TV4, he said, “I don’t think I’m wearing anything that wasn’t bought at a flea market. I want to set a good example.”His frugal habits went beyond buying second-hand clothes. According to reports, he reused tea bags, preferred eating at IKEA cafeterias instead of expensive restaurants.He also revealed that he avoided costly haircuts. Speaking to the Swedish newspaper Sydsvenskan, Kamprad had said the €22 charged for a haircut in the Netherlands was more than he wanted to pay.“Last time it was in Vietnam,” he said while explaining that he usually got his hair cut during visits to developing countries.He continued working at IKEA until he was 87 before stepping away. He passed away four years later.
Thrifting since childhood
Kamprad often said there was nothing unusual about the way he lived because he grew up in Smaland, a rural province in southern Sweden where being careful with money was considered a way of life. “It’s in the nature of a Smaland to be thrifty,” he said during the TV4 documentary.
By the age of five years old, he would cycle to nearby rural villages, selling matches, belts and pens to the locals, and even sold fish to his grandma! (Picture: Kamprad with his younger sister.
He founded IKEA in 1943 when he was just 17 years old. The business began in Smaland and later grew into one of the world’s largest furniture retailers.The same thinking shaped the company’s culture. In IKEA’s employee guidelines, Kamprad wrote that “wasting resources is a mortal sin at IKEA.”“We have Smaland in the blood, and we know what a krona ise, ven though it is not as much as it was when we bought candy and went to elementary school,” he said, referring to Sweden’s currency.
‘Uncle Scrooge’
Kamprad’s penny-pinching habits earned him nicknames such as “Uncle Scrooge” and “The Miser.” While many admired his simple lifestyle, others felt he took frugality too far.He also faced criticism over tax avoidance during his lifetime.In his later years, questions were raised about his past links to fascist groups. Swedish security police recorded his activities in 1943, the same year he founded IKEA. The issue remained a controversial part of his legacy.
His mission to improve the everyday life of the many people.
Not the only one
Kamprad was not alone in avoiding an extravagant lifestyle. Several well-known billionaires have spoken about choosing simple habits instead of spending heavily on luxury items.Mitzi Perdue, the billionaire heiress linked to Sheraton Hotels and Perdue Farms, has said she does not even own a car. Instead, she uses the subway for travel.“The Hendersons and the Perdues did not encourage extravagance,” she previously told Fortune. “Nobody wins points for wearing designer clothes.”Investor Warren Buffett has also become well known for living modestly despite his enormous wealth. He still lives in the house he bought for $31,500 in 1958, drives a car that is more than 20 years old and keeps his breakfast spending low.“I’m not interested in cars, and my goal is not to make people envious. Don’t confuse the cost of living with the standard of living,” Buffett has often said.
