• Sweden edition
 
Ikea's Kamprad still Switzerland's richest

Ikea's Kamprad still Switzerland's richest

Published: 30 Nov 2012 17:32 GMT+01:00
Updated: 30 Nov 2012 17:32 GMT+01:00

In its annual review of the country's 300 wealthiest residents, Bilan estimated that Kamprad's fortune rose by around 1.0 billion Swiss francs in 2012.

The 86-year-old Swede, who was also listed as the fifth wealthiest person on the planet, did not however keep pace with the 9.0-percent average boost seen by Switzerland's 137 billionaires, the magazine said, estimating their total worth at more than 438 billion Swiss francs.

In October, Kamprad scoffed at the notion he might retire following reports in the Swedish media in September that he planned on passing the baton to his three sons Peter, Jonas and Mathias.

"Oh, I have so much work to do and no time to die," he told Swiss business magazine Bilanz in October.

Despite Bilan's estimates of Kamprad's sizeable fortune, the head of the flat pack furniture giant was only estimated to have a fortune of mere $3 billion by Forbes magazine after lawyers showed that Ikea is owned by a foundation in tax haven Lichtenstein, which Kamprad created and now heads.

The foundation receives royalties tax free on all sales that every Ikea store must pay to the parent company for the right to use the concept.

The US business magazine ranked Kamprad 377th among the world's richest people in a March 2012, down from 162 the year before, and 11th place in 2010.

Kamprad, who founded Ikea in 1943 in his home town of Älmhult in southern Sweden, has faced harsh criticism in the past for his ties to the Nazi youth movement during World War II.

He later described the period as the "folly of youth" and "the greatest mistake of my life."

However, the company recently admitted, however, that East German political prisoners were used in the Swedish furniture giant's factories in the 1970s and 1980s.

AFP/The Local

Follow The Local on Twitter

Don't miss...X
Left Right

Your comments about this article

18:11 November 30, 2012 by jmclewis
Slave labor pays good for the boss.
21:10 November 30, 2012 by jack sprat
Worked well enough for the Chinese as well.

Funny how folk leave their consciences behind in the shop doorways.
13:42 December 1, 2012 by Rishonim
Maybe he could learn a thing or two about giving from Warren Buffett.
02:22 December 2, 2012 by Eric1
Warren Buffett gives nothing he pays more than 200 accountants to work the tax laws to avoid as much taxes as he can. I would do the same but I would be a hypocrite and say everyone else should pay more. It gets him good press, because the media are leftist.

Greed is when one wants the government to use force to take money from wealthy people and give it to themselves. If one choices to help the poor that's different because it doesn't involve government dictates.

The Western World's education system is so lacking in teaching basic economics.
Today's headlines
Elections 2014
'Sweden Democrats hold the key to elections'
Jimmie Åkesson. Photo: Bertil Ericson/TT

'Sweden Democrats hold the key to elections'

With national elections around the corner, political scientist Stig-Björn Ljunggren says there's a hive of activity behind the scenes, and that the right-wing nationalist party could end up being the key player. READ  

Swedish artist jailed for 'race hate' pictures
Police arrested Dan Park (pictured) and confiscated his art works at an exhibition opening on July 5th. Photo: Drago Prvulovic/TT

Swedish artist jailed for 'race hate' pictures

A Malmö court has sentenced Swedish street artist Dan Park to six months in jail for incitement to racial agitation and defamation. READ  

Sweden Floods
Flooding closes roads in central Sweden
Photo: TT

Flooding closes roads in central Sweden

UPDATED: Sections of the highway in Värmland have been closed off due to flooding, and several trains are standing still. Authorities say the situation will get worse before it gets better. READ  

Elections 2014
Sweden elections: How do they work?
Casting a vote. Photo: Shutterstock

Sweden elections: How do they work?

National, regional, and local elections are taking place in Sweden on September 14th. Whether you're a first-time voter or a fresh armchair observer, The Local's beginners' guide will answer the key questions you were too afraid to ask. READ  

Sweden orders textbook on Roma discrimination
A Romani language class in Malmö. Photo: Drago Prvulovic/TT

Sweden orders textbook on Roma discrimination

The Swedish government has asked a new commission to create school materials based on a white paper documenting Swedish discrimination of Roma. READ  

Day-care rapist
Day-care rape suspect 'was mentally ill'
Photo: TT

Day-care rape suspect 'was mentally ill'

Social services have ruled that a day-care intern charged with molesting 14 children in southern Sweden was "seriously mentally disturbed". READ  

What's On in Sweden

What's On in Sweden

Autumn has arrived in Sweden, which means grey skies are approaching. But summer goes out with a skip, hop, and a bang - the annual Color Run is taking place in Stockholm this weekend. READ  

Surströmmingspremiär
Swedes celebrate first day of smelly fish season
Photo: Hasse Holmberg/TT

Swedes celebrate first day of smelly fish season

On the third Thursday of each August, Swedes celebrate the start of the fermented herring season. The Local finds out more about the worst-smelling food on earth, and collects some of the best reaction videos. READ  

Spotify founders win 'Expats of the Year'
Crown Princess Victoria and Spotify co-founder Martin Lorentzon Photo: Fredrik Sandberg/TT

Spotify founders win 'Expats of the Year'

Spotify founders Martin Lorentzon and Daniel Ek won the International Swede of the Year award (Årets svensk i världen) on Wednesday for their work in making the world's music accessible to the world. READ  

Top ministers count cost of 'less secure world'
Photo: Maja Suslin/TT

Top ministers count cost of 'less secure world'

Foreign and Finance Ministers Carl Bildt and Anders Borg held a press conference on Wednesday to discuss how Sweden was being affected by a "less secure" world, and how it would foot the bill for a growing influx of refugees. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Finest.se
Gallery
People-watching August 20th
Society
Did you know the Bronx in NYC was named after a Swede?
Politics
"Iraq reminds me of the Yugoslav wars. It's the same story."
Society
Swedes slam Danes for 'racist' art
National
Majority of Swedes favour more or just as many refugees
Blog updates

17 August

Sea Fever (Around Sweden in a kayak) »

"I’m going to keep this post short and sweet as its not something I take any pleasure in writing. After much deliberation I have made the heartbreaking decision to abandon my trip after 1200km due to reoccurring injury. It is not a decision I have made lightly and it is one that has been truly devastating..." READ »

 

17 August

St. Louis strong (Blogweiser) »

"It’s typically a bad sign when my hometown makes news in Sweden. St. Louis was in the headlines here a few years ago when a tornado struck the airport. The city also caught attention after a politician talked about ‘legitimate rape’. Now, shooting and riots this week in Ferguson, a part of St. Louis, are..." READ »

 
 
 
Society
Lock your bathrooms: Swedish toilet invader on the the loose
Politics
'Assange will not leave until safe'
Gallery
See more images from the southern Sweden floods
Sponsored Article
Find out what gives this Swedish school executive appeal
Society
Serial chicken smuggler caught at Norway border. Again.
Society
This gold coin may be the key to solving a Swedish massacre
Shutterstock
Lifestyle
The Swedish mentor (and why you may need one)
National
Food agency warns girls: 'Don't eat stinky fish'
Politics
Reinfeldt calls for tolerance to refugees
Gallery
People-watching August 16-17
National
Sweden celebrates 200 years of peace
Society
Top ten literal Swedish words
Politics
'Terror training should be illegal': Liberal Party
Gallery
Swedes talk about 200 years of national peace
Politics
Islamic extremist shakes Sweden with TV threat
National
Teacher fined for 'Hitler salute' in German class
National
Swede asks for epidural and gets disinfectant
Features
Kiruna residents talk life in a town on the move
National
Swedish dad takes kids to Israel to learn about war
Skatteverket
Sponsored Article
Introducing... ID cards and permits in Stockholm
Sponsored Article
Introducing...Your finances in Stockholm
Sponsored Article
Introducing...Housing in Stockholm
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

693
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com
PSD Media
PSD Media is marketing company that offers innovative solutions for online retailers. We provide modern solutions that help increase traffic and raise conversion. Visit our site at:
http://psdmedia.se