The founder of Swedish furniture giant IKEA Ingvar Kamprad has died aged 91.
Mr Kamprad passed away yesterday at his home in Smaland, Sweden, the company said in a statement.
‘He will be much missed and warmly remembered by his family and IKEA staff all around the world,’ it read.
Mr Kamprad founded Ikea at just 17-years-old on the family farm, forming the company’s name from his own initials, the first letters of the family farm, Elmtaryd, and the parish of Agunnaryd where it is located.
The billionaire had a reputation for frugality and moved to Switzerland in the late 1970s to avoid paying high Swedish taxes.
Born on March 30, 1926, Mr Kamprad started his business career at just five-years-old when he sold matchboxes to neighbors from his bicycle.
He soon expanded to selling fish, Christmas tree decorations, seeds and later ball-point pens and pencil, before launching a makeshift mail-order catalogue which became known for selling furniture.
In June 2013, Mr Kamprad announced that he would retire from the board which controls the IKEA brand as part of moves to hand responsibilities over to his son, Mathias.
Mr Kamprad donated more than £14 million to philanthropic causes in 2012 alone.