Thursday, March 23, 2006

IKEA founder proud of miserly reputation

CANOE Money: Personal Finance - IKEA founder proud of miserly reputation: "A penny saved is a penny earned - even when you're worth billions.

Famously thrifty IKEA founder Ingvar Kamprad says he has no plans to go on a spending spree even though he donated about $380,000 US to a Lausanne art school Monday.

'I'm stingy and I'm proud of the reputation,' Kamprad told reporters in Switzerland, where he lives but has previously shied away from media attention.

Most reports of the native Swede have either focused on his driving a 17-year-old Volvo or shopping for weekly specials at his local supermarket.

Kamprad, 80, founded the budget Swedish home furnishings retailer IKEA in 1943. His fortune was estimated earlier this month by Forbes to be $28 billion US, making him the world's fourth-richest man."

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