Ingvar Kamprad, whose boyhood business of selling pencils and seeds from his bicycle in Sweden eventually grew into the Ikea furniture chain, has died. He was 91.
"The founder of Ikea and Ikano, and one of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away at his home in Smaland, Sweden, on Jan. 27," Ikea said in an emailed statement on Sunday. He was "surrounded by his loved ones," and died "following a short illness."
Kamprad had an estimated net worth of $58.7 billion, according to the Bloomberg Billionaires Index, making him the world's eighth-richest person. The wealth was accumulated by producing furniture for the masses that was affordable and easy to transport. The Ikea flat packs revolutionized the way in which tables, chairs and other items could be stored and shipped, before being assembled by the customer.