kamprad

Kamprad's big break came in 1950 when he added to his product line furniture made of wood from the local forest.

The furniture was all designed and made by manufacturers near Kamprad's home.

"People say I am cheap and I don't mind if they do. But I am very proud to follow the rules of our company, " Kamprad said.

Journalists revealed that Mr Kamprad had backed a Swedish fascist group in his youth; he apologised in an open letter.

When Kamprad was 17, his father gave him some money as a reward for his good grades.

IKEA was started by entrepreneur Ingvar Kamprad in 1943 when he was just 17 in the small village of Agunnaryd in Sweden.

Around the same time, Kamprad stumbled on the idea of flat packing furniture when a coworker took the legs off a table for easier transport.

Critics grumble that its set-up minimises tax and disclosure, handsomely rewards the Kamprad family and makes IKEA immune to a takeover.

Kamprad's wares included anything that he could sell for profits at discounted prices, including watches, pens and stockings.

Kamprad is one of the richest men in the world with a personal fortune of $18. 5 billion.

Ingvar Kamprad founder of the Swedish furniture chain Ikea also saw a big increase in wealth taking him to sixth place.

Initial sales were very encouraging, so Kamprad expanded the product line.

A five-person executive committee, chaired by Mr Kamprad, runs the foundation.

In 1956 Kamprad saw a man disassembling a table to make it easier to transport.

"I'm not afraid of turning 80 and I have lots of things to do. I don't have time for dying, " Kamprad said.

Legend has it that Kamprad waits until closing time at his local market in Lausanne in order to drive hard bargains with stallholders.

Mr Kamprad, at 84, is a senior adviser.