Half of Ikea founder Ingvar Kamprad’s fortune to be given away

A Stockholm Ikea store flies the Swedish flag at half mast following the death of company founder Ingvar Kamprad. Photo: Anders Wiklund/TT

Half of Ikea founder Ingvar Kamprad’s fortune is to be given away, according to the newly revealed details from his last will and testament.

Kamprad, who died at the age of 91 in January, was worth an estimated 362 billion kronor ($46 billion) in 2017 according to Swiss economic magazine Bilan.

Half of his wealth will go to his four children, Peter, Jonas, Mathias and Annika. The rest however will be directed towards stimulating business in northern Sweden.

“The remaining part of my estate will go to the FKS foundation. These funds will be used for the development of business activity in Norrland,” Kamprad’s will, written in 2014, reads.

READ ALSO: Ikea founder Kamprad dies at 91

The Kamprad Family Foundation for Entrepreneurship, Research and Charity (Familjen Kamprads stiftelse, FKS) was founded by the entrepreneur in 2011 and is worth an estimated 4.7 billion kronor. Until now its activities have focused on Småland, the rural Swedish region from which Kamprad hailed.

“Ingvar Kamprad always had an interest in Norrland and often visited the region. He wanted to make it possible for people to live there, and not have to leave,” Ikea Foundation director Per Heggenes told Swedish newspaper DN, who first revealed the contents of Kamprad’s will.

READ ALSO: ‘Norrland should vote on independence from Sweden’

Shortly after Kamprad’s death in January, Sweden’s King Carl XVI Gustaf hailed the Ikea founder as someone who “helped bring Sweden to the world” and had “a high degree of engagement”.

The businessman lived in Switzerland from the 1970s until 2014 when he returned to Sweden to live in rural Älmhult, Småland, the town where Ikea was founded and still has its headquarters today.

READ ALSO: The life and times of Ikea founder Ingvar Kamprad

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