• Sweden's news in English
 
app_header_v3

Ikea's Kamprad still Switzerland's richest

30 Nov 2012, 17:32

Published: 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."

Story continues below…

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

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
Furious elk mum attacks Swede, breaks his arm
You talkin' to me? Photo: Mikael Fritzon/TT

It came back and attacked him not once, but twice.

Report: Stockholm is at risk of a housing bubble
Apartments in Stockholm. Photo: Tomas Oneborg/SvD/TT

Stockholmers are the third most likely to experience a housing bubble in their city, according to an international ranking.

The Local List
Reverse culture shock: the troubles of leaving Sweden
Does it get more Swedish than this? Photo: Emelie Asplund/imagebank.sweden.se

Why is that stranger talking to me in the elevator?!

Police close Facebook thread after call for help derails
A file photo of police cars on Gotland not related to the article. Photo: Henrik Montgomery/TT

The Gotland Police Facebook post asking the public for information about an unprovoked attack on two boys had to be closed because the comments section spiraled out of control.

US election
What Americans in Sweden think of Trump and Clinton
The Local spoke to Americans in Sweden after the first US presidential debate. Photo: David Goldman/AP/TT

The Local spoke to four US voters based in Sweden about who they are planning on voting for in the November election, and it looks like it's complicated.

Presented by Emirates Center for Strategic Studies
‘Extremism can't be defeated on the battlefield alone’
File photo: sanjitbakshi/Flickr

As Sweden prepares to take a seat on UN Security Council next year, Abu Dhabi-based scholar and author Dr. Jamal Sanad al-Suwaidi argues for a greater UN role to fight extremist ideologies like those that fuel Isis and other terror groups.

Video
Why Swedes want Nasa to send a condom into space
Should a condom be sent into space? It's the burning question some Swedes have posed. Photo: Fredrik Sandberg/TT & Craig Rubadoux/AP

'We can't be sure what alien sex organs look like.'

Mum gives birth on toilet after being told to take paracetamol
File photo of a baby not related to the story. Photo: Christine Olsson/TT

A woman has described how she was told to take a painkiller when she phoned a hospital in Ystad, southern Sweden, in pain. Just moments later she gave birth to a baby in the toilet.

Indians in Sweden told to be wary of travel document scam
File photo of a man using a phone not related to the story. Photo: Fredrik Sandberg/TT

The Embassy of India in Stockholm has urged Indian citizens in Sweden to be wary of scammers who ask for money to fix fabricated errors in travel documents.

Swedes shell out for season's first lobster
Meet Pontus Johansson and his lobster. Photo: Thomas Johansson/TT

Best not to look at the price tag.

Sponsored Article
Expat finances in Sweden: the Common Reporting Standard
Analysis & Opinion
'If Sweden really wants startups, drop the red tape on migration'
Sponsored Article
Let's Talk: a personal Swedish language tutor in your pocket
Gallery
Property of the week: Gotland
National
Trump an 'embarrassment' Springsteen tells Sweden
Blog updates

27 September

Cutting your nose …. (The Diplomatic Dispatch) »

"Last week, Jeremy Browne, the Special Representative for the City of London, visited Sweden. Jeremy was…" READ »

 

7 September

Svensk or svenska? (The Swedish Teacher) »

"Hejsan! My inbox is full of questions :-). Here’s one about when to use “svensk” and…" READ »

 
 
 
Sponsored Article
‘I view the world in a different way now’
Gallery
People-watching: September 23rd-25th
Sponsored Article
'Creating a sense of home': Collective living in Stockholm
Politics
Russian Sweden Democrat aide resigns over suspect deal
National
Muslim teacher leaves job after not shaking male colleague's hand
Travel
Why we adore autumn in Sweden
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Gallery
People-watching: September 21st
Sponsored Article
Gran Canaria: 'So much more than beaches'
National
Stockholmers hunt killer badger after attack on neighbourhood hipster cat
The Local Voices
Why this Russian developer is committed to helping refugees - with tech
Sponsored Article
Why Jordan is the ‘Different’ East
National
Six key points in Sweden's budget plan
Sponsored Article
How to vote absentee from abroad in the US elections
The Local Voices
How a Swedish name finally made recruiters notice this Iranian's CV
Gallery
Property of the week: Luleå
Sponsored Article
Why Jordan is the ‘Different’ East
Gallery
People-watching: September 16th-18th
Sponsored Article
Retiring abroad: ensuring your health is covered
Culture
Why Swedish TV has given these kids' trucks a sex swap
Sponsored Article
'There was no future for me in Turkey'
National
TIMELINE: Everything you need to know about the Julian Assange case
Sponsored Article
7 reasons you should join Sweden’s ’a-kassa’
Gallery
People-watching: September 14th
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Politics
Why Sweden is putting troops on holiday dream island Gotland
The Local Voices
'What I mean when I say: I came here to blow myself up'
Society
VIDEO: Are Swedes that unfriendly?
Features
INTERVIEW: How Arthur the jungle dog opened hearts and minds
Gallery
Property of the week: Smögen, Västra Götaland
Society
Sweden's ancient forest tongue Elfdalian fights for survival
National
Where Sweden's foreigners are from
Gallery
People-watching: September 9th-11th
The Local Voices
'Whenever I apply for jobs I’m treated like an unwanted stranger'
The Local Voices
Is Swedish bosses' ignorance keeping refugees out of jobs?
2,961
jobs available