Facing rejection from his family and economic hardship in post-industrial Germany are likely what spurred Achim and Franzisca to leave their homeland and, after seeing an ad in a hunting magazine, purchase a timber estate near Agunnaryd, Sweden, where they moved with their young children in the winter of 1896.

He found he could buy matches in bulk very cheaply in Stockholm, sell them individually at a low price, and still make a good profit.

From matches he expanded to selling fish, Christmas tree decorations, seeds, and later ballpoint pens and pencils.

[10] The acronym IKEA is made up of the initials of his name (Ingvar Kamprad) plus those of Elmtaryd, the family farm where he was born, and the nearby village Agunnaryd where he was raised.

Following his decision to step down the then-87-year-old founder explained, "I see this as a good time for me to leave the board of Inter IKEA Group.

[13] In March 2010, Forbes magazine estimated Kamprad's fortune at US$23 billion, making him the eleventh richest person in the world.

A year later, he fell to 162nd after his lawyers produced documents proving that the foundation he established and heads in Liechtenstein owns IKEA, and that its bylaws bar him and his family from benefiting from its funds.

[15] In June 2015, Kamprad was listed as the eighth wealthiest person in the world in the Bloomberg Billionaires Index, with an estimated net worth of $58.7 billion.

[29] According to a 2006 interview, Kamprad was then driving a 1993 Volvo 240, flew economy class, and encouraged IKEA employees to use both sides of a page when writing or printing.

[10] Kamprad had also been known to visit IKEA for a "cheap meal", and was known for his frugal behaviour; purchasing wrapping paper and presents in post-Christmas sales.

Kamprad explains his social philosophy in his Testament of a Furniture Dealer: "It is not only for cost reasons that we avoid the luxury hotels.

"[10] Kamprad owned a villa in Switzerland, a large country estate in Sweden and a vineyard in Provence, France.

[37] In 2015, it was reported that Kamprad had named his sons as the sole heirs of an entity called the Ikano Group, which is valued at US$1.5 billion while his adopted daughter, Annika, who lived with him for three years as an infant was planned to receive about $300,000.