Ikea's billionaire founder was so frugal he wore flea-market clothes
Ikea's billionaire founder was so frugal that Ingvar Kamprad bought his clothes at flea markets, drove an old Volvo, and flew economy—even with an estimated $58.7 billion net worth. The late IKEA creator said he wanted to set a good example, tracing his penny-pinching to his upbringing in Sweden's Småland province.
Key Takeaways
- Ingvar Kamprad told Sweden's TV4 in 2016 that he did not think he wore anything that was not bought at a flea market.
- Beyond second-hand clothing, he recycled tea bags, took free salt and pepper from restaurants, and ate at IKEA cafeterias.
- Kamprad embedded thrift into IKEA culture, declaring in employee guidelines that “wasting resources is a mortal sin at IKEA.”
- He worked at the company until age 87 and died in 2018 at 91, after founding IKEA at age 17 in 1943.
- Today IKEA operates 504 stores across 63 countries, generating roughly $50 billion in sales last year.
Why did Ikea's billionaire founder shop at flea markets?
Despite ranking among the richest people alive, Kamprad dressed like an average shopper. In a 2016 documentary on Sweden's TV4, he said: “I don't think I'm wearing anything that wasn't bought at a flea market. I want to set a good example.”
He linked the habit to Småland, the rural southern Swedish province where he grew up. “It's in the nature of a Småland to be thrifty,” he told TV4. That local ethos shaped both his personal life and the flat-pack empire he built.
How extreme was Kamprad's personal frugality?
Fortune reports that Kamprad's budget habits went far beyond thrift-store wardrobes. He reportedly sneaked home little packets of salt and pepper from restaurants, recycled tea bags, ate at his own IKEA cafeterias, and always flew economy class.
He even timed haircuts around cheap travel. Kamprad once told the newspaper Sydsvenskan that a €22 cut in the Netherlands was above budget, adding that he usually got trims in developing countries. “Last time it was in Vietnam,” he said.
How did Kamprad's habits shape IKEA's corporate culture?
Kamprad founded IKEA in 1943 at age 17 and kept working there until he was 87. His frugality was not a private quirk—it became company doctrine. In IKEA employee guidelines, he stressed that “wasting resources is a mortal sin at IKEA.”
“We have Småland in the blood, and we know what a krona is,” he said in the same TV4 interview, referring to Sweden's currency. That philosophy helped IKEA stay simple, efficient, and affordable decades after its launch.
What is Kamprad's complicated legacy today?
Not everyone admired the lifestyle. Swedish press reportedly nicknamed Kamprad “Uncle Scrooge” and “The Miser.” He also faced criticism over tax avoidance and, in his later years, questions about past links to fascist groups. Swedish security police noted his activities in 1943, the same year he established IKEA.
Yet IKEA has outlived its founder. The company now runs 504 stores in 63 countries, welcomed 915 million visitors last year, and generated around $50 billion in sales. For more on how the ultra-wealthy spend—or refuse to spend—their fortunes, browse our Net Worth & Wealth coverage.