/ 5 April 2004

Ikea founder is not richer than Bill Gates

The founder of Swedish furniture giant Ikea isn’t hurting for money, but the company he founded denied a report that he surpassed Bill Gates and Warren Buffett as the world’s wealthiest man.

In an article to be released this week, Swedish news weekly Veckans Affaerer said Ingvar Kamprad (77), the founder of Ikea, surpassed Microsoft’s Gates and Buffett as the world’s wealthiest person.

Citing the falling exchange rate between the Swedish krona and the United States dollar, the magazine said that Kamprad’s personal fortune was an estimated 400-billion kronor ($52,5-billion).

But Ikea said that isn’t the case.

”This is completely wrong. It’s a mistake that is made all the time,” Ikea spokesperson Marianne Barner said Monday. ”Estimating the value of the company, including all the stores, and saying it’s all Ingvar’s, that is totally wrong.”

”Ingvar Kamprad does not own Ikea. Ingvar donated the concern to the Dutch Stichting Ingka Foundation in 1982.”

In February, Forbes magazine’s annual ranking of the world’s billionaires put Gates at number one with an estimated $46,6-billion.

It was the 10th consecutive year the Microsoft co-founder was atop the list.

Buffett, the Omaha investment guru, was number two with $42,9-billion.

On that same list, Kamprad was number 13, with an estimated fortune of $18,5-billion.

But Veckans Affaerer said when the dollar’s slide against the kronor was calculated, he overtook Gates and Buffett.

Kamprad has a reputation for frugality and lives in Switzerland where, as a resident, he is not subject to Sweden’s taxes, which are among the highest in the world.

Ikea, founded in 1943, has 174 stores in 31 countries and employs about 76 000 workers. — Sapa-AP