The Billionaire Who Founded Ikea Is So Frugal He Only Wears Second-Hand Clothes

Extreme frugality is the secret to untold wealth, if the habits of billionaire Ikea founder Ingvar Kamprad are anything to go by.

The mogul is so thrifty, he stocks his wardrobe with second-hand clothes. “I don’t think I’m wearing anything that wasn’t bought at a flea market,” Kamprad says in an upcoming documentary for Swedish television, according to Agence France-Presse.

The Brief Newsletter

Sign up to receive the top stories you need to know right now. View Sample

Sign Up Now

He also prefers cheap haircuts, explaining in a 2008 interview with Swedish newspaper Sydsvenskan:“Normally, I try to get my haircut when I’m in a developing country. Last time it was in Vietnam.”

Kamprad, who turns 90 on March 30, said penny-pinching helped Ikea’s success. It probably also helped him amass a fortune worth more than $40 billion, according to a Bloomberg estimate.

[AFP]

Write to Mark Rivett-Carnac at mark.rivett-carnac@timeasia.com.