The founder of Swedish furniture giant IKEA, Ingvar Kamprad, has died at the age of 91. IKEA confirmed early Sunday morning that Mr. Kamprad passed away peacefully at his home in Småland, Sweden. The company issued a statement naming him as "one of the greatest entrepreneurs of the 20th century."
Kamprad founded IKEA in the 1940s at the age of 17 and built it into one of the world's most successful retailers, largely through pioneering flat-pack furniture. The name IKEA was composed from his own initials and those of the places in the Swedish countryside where he grew up. The chain currently has 412 stores across 49 countries.
While Kamprad had not been involved in a managerial role at IKEA since 1988, he had been serving as an adviser. Although he was known for penny pinching and buying second-hand clothes, by 2016 he had become one of the world's richest people, accumulating a fortune of 610 billion Swedish kroner (roughly $77.5 billion USD).