Sweden's richest man controls IKEA, the world's largest furniture retailer, through a series of trusts and foundations. The company generated more than $33 billion in revenue and about $4 billion in net income in 2011. Ikano Group, his family's investment vehicle, manages four IKEA franchises, a credit card business and real estate investments.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
The IKEA retail empire Ingvar Kamprad started almost 70 years ago has amassed a fortune that Bloomberg values at more than $40 billion and makes him the richest man in Europe, and one of the world’s five wealthiest men.
Ikea founder Ingvar Kamprad handed his youngest son the chairmanship of the company that controls the flat-pack furniture chain’s brand and concept as the retailer transitions power to the family’s next generation.
Ikea’s flagship store in Stockholm is the largest of the furniture retailer’s 349 outlets, a blue and yellow behemoth that lures shoppers into its 55,200 square- meter (600,000 square feet) building that’s big enough to accommodate 10 football fields.
Home Retail Group Plc, owner of the U.K. catalog chain Argos, agreed to buy rights to the Habitat brand in the U.K. and Ireland along with three London stores after the furniture retailer was placed into administration.