Ikea founder rated fifth richest in the world

Ikea founder rated fifth richest in the world
Ingrad Kamprad, the founder of Swedish furniture giant Ikea, finished fifth on the Bloomberg Billionaires Index published on Friday, with an estimated fortune of $55.6 billion.

Kamprad was the second wealthiest European on the list, after Spain’s Amancio Ortega, owner of the retail Zara chain, who finished fourth.

Another Swede, H&M’s chairman Stefan Persson, squeezed inside the top 20 with an estimated wealth of $25.5 billion.

Ikea pulled in more than $36 billion in revenue and $4 billion in net income in 2012, Bloomberg wrote. Ikano Group, Kamprad’s family’s investment vehicle, manages four Ikea franchises, a credit card business, and real estate investments.

Kamprad refused to comment on the ranking, in which Bloomberg noted that Kamprad fled Sweden in the seventies due to the high tax rates and that he started his career early, at the age of five, selling matchsticks to neighbours.

Bloomberg’s index provides updated information accounting for the latest movements in the stock market. The list provides information and a transparent analysis of how each billionaire’s fortune was calculated.

Bill Gates topped the list for the first time since 2007, with an estimated wealth of $72.7 billion. Other billionaire heavyweights in the ranking include Carlos Slim (who topped the list last year), and Warren Buffet.

TT/The Local/og

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