Founder of IKEA, Ingvar Kamprad, passes away, age 91

2018-01-29T14:08:00-05:00

"His legacy will be admired for many years to come and his vision – to create a better everyday life for the many people – will continue to guide and inspire us," says Jesper Brodin, the CEO and president of the IKEA Group.

Over the weekend, the Swedish entrepreneur who created IKEA, Ingvar Kamprad (age 91), passed away quietly at his home in Sweden. The company confirmed Mr. Kamprad's death on Sunday, citing "short illness."

The business magnate displayed a penchant for entrepreneurship from a young age, selling matches to Swedish villagers as a child. In 1943, a 17-year-old Kamprad registered his business as IKEA, originally selling household goods by mail.

Over the course of his seven decades-long career, Kamprad grew the mail-order company into the world's largest furniture retailer. With more than 350 stores in 29 countries, the company amassed him a net worth of over $58.7 billion, making him the world's eighth-richest person according to Bloomberg Billionaires Index.

He is survived by his daughter, Annika, and sons, Peter, Jonas and Mathias—and, of course, the ubiquitous 'Lack table' that sits in every one of your millennial friends' living rooms.

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Founder of IKEA, Ingvar Kamprad, passes away, age 91