People look around at Swedish furniture retailer IKEA's first store in Japan in Funabashi, east of Tokyo. - REUTERS
STOCKHOLM (Reuters):
INGVAR KAMPRAD, the Swede who founded furniture retail chain IKEA, has overtaken Microsoft's Bill Gates as the world's richest man, Swedish TV news reported recently.
Citing next week's edition of the Swedish business weekly Veckans Affarer, public service SVT2 television said Kamprad, 77, has a personal fortune of 400 billion crowns (US$53 billion).
Gates' fortune is put at US$47 billion, according to the latest list of the world's rich in U.S. Forbes magazine, SVT2 said.
FRUGAL HABITS
Kamprad, known for frugal habits such as flying economy class, lives in Switzerland and no longer takes part in the daily running of IKEA, but has kept ownership of the company with more than 180 stores in over 30 countries in the family.
SVT2 said the dollar's slide against other currencies is the main reason why Kamprad has now overtaken Gates.
Ikea, the world's largest furniture retailer, operates 235 stores in 34 countries with more than 90,000 employees.The company keeps a zealous focus on cost control, similar to Wal-Mart's practice of squeezing suppliers and Toyota Motor Corp.'s elimination of waste and errors in manufacturing.
Ikea grew into an US$18.3-billion global retailer by shaving costs, selling at low prices and designing unusual merchandise such as votive candles that the company made from recycled fuse casings.
