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As the saying goes, watch the pennies and the pounds look after themselves. But as it turns out, even some of the wealthiest people on the planet follow the money-saving mantra, well after they\u2019ve made it. IKEA\u2019s billionaire founder, Ingvar Kamprad, took his love for budget furniture home with him\u2014literally.<\/p>\n
Despite having an estimated $58.7 billion net worth and being one of the richest men alive, the late businessman would buy his clothes at flea markets and drove an old Volvo.\u00a0<\/p>\n
\u201cI don\u2019t think I\u2019m wearing anything that wasn\u2019t bought at a flea market,\u201d Kamprad said in a 2016 documentary on Sweden\u2019s TV4.<\/em> \u201cI want to set a good example.\u201d<\/p>\n Kamprad could have bought himself anything. But like many average Joes, he\u2019d sneak home little packets of salt and pepper from restaurant visits.\u00a0<\/p>\n Taking his frugality one step further than most, he reportedly even recycled tea bags, ate at his own cafeterias, and flew economy.<\/p>\n He once revealed to the newspaper Sydsvenskan<\/em> that the \u20ac22 haircut price in the Netherlands was above budget and that he\u2019d usually get it done while visiting \u201ca developing country.\u201d\u00a0<\/p>\n \u201cLast time it was in Vietnam,\u201d Kamprad added.<\/p>\n And although he certainly no longer needed the cash, he kept working at Ikea until he was 87, before passing away in 2018 at 91.<\/p>\n When you look among the ultra-wealthy, many opt out of wasting their money on status symbols that drain rather than build wealth.\u00a0<\/p>\n The youngest self-made female billionaire, Lucy Guo; the late founder of Ikea, Ingvar Kamprad; and actress Kiki Palmer all have a beat-up old car in common.<\/p>\n Mitzi Perdue, the billionaire heiress of Sheraton Hotels and Perdue Farms, doesn\u2019t even own a car\u2014let alone a flashy one. She gets around by riding the subway instead.<\/p>\n \u201cThe Hendersons and the Perdues did not encourage extravagance,\u201d Perdue previously told Fortune<\/em>. \u201cNobody wins points for wearing designer clothes.\u201d<\/p>\n Perhaps most famously, legendary investor Warren Buffett has long adopted a frugal lifestyle: he never spends more than $3.17 on breakfast, he lives in the same house he bought for $31,500 in 1958, and he drives a car that\u2019s over 20 years old.\u00a0<\/p>\n The man worth $144 billion is often quoted for saying: \u201cI\u2019m not interested in cars, and my goal is not to make people envious. Don\u2019t confuse the cost of living with the standard of living.\u201d<\/p>\n Kamprad long insisted that his penny-pinching ways were just down to his upbringing in Sweden. \u201cIt\u2019s in the nature of a Smaland to be thrifty,\u201d he said in the same TV4<\/em> interview.<\/p>\n Sm\u00e5land is the rural province in southern Sweden where Kamprad grew up and, with a \u201clocal ethos,\u201d built IKEA at just 17 years old in 1943.\u00a0In the company\u2019s employee guidelines, Kamprad stressed that \u201cwasting resources is a mortal sin at IKEA.\u201d<\/p>\n \u201cWe have Sm\u00e5land in the blood, and we know what a krona is\u2014even though it is not as much as it was when we bought candy and went to elementary school,\u201d he said, referring to the Swedish currency.<\/p>\n For some, the founder came across as cheap. Kamprad reportedly became known as \u201cUncle Scrooge\u201d and \u201cThe Miser\u201d. He was also criticized for tax avoidance. And in the later years of his life, he faced serious questions over past links to fascist groups. Swedish security police noted his activities in 1943, the same year he established Ikea.<\/p>\n It\u2019s a complicated legacy to sit with. But Ikea has outlived its founder, with frugality a part of its DNA. Being simple, efficient, and affordable is what has kept it such a huge success decades later.<\/p>\n Today, Ikea has 504 stores across 63 countries worldwide. Last year alone, it generated around $50 billion in sales and welcomed 915 million visitors.<\/p>\n<\/div>\n #Ikeas #billionaire #founder #frugal #clothes #flea #markets<\/p>\n","protected":false},"excerpt":{"rendered":" As the saying goes, watch the pennies and the pounds look after themselves. But as it turns out, even some of the wealthiest people on the planet follow the money-saving… <\/p>\n","protected":false},"author":1,"featured_media":9080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[307,512,1107,11126,11127,1903,2379,11125,11123,11124,2401,166,27,1022,290,109,292,81],"class_list":["post-9079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-billionaire","tag-billionaires","tag-budget","tag-clothes","tag-flea","tag-founder","tag-founders","tag-frugal","tag-ikea","tag-ikeas","tag-lifestyle","tag-markets","tag-money","tag-money-management","tag-personal-finance","tag-savings","tag-warren-buffett","tag-wealth"],"_links":{"self":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/9079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9079"}],"version-history":[{"count":0,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/posts\/9079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=\/wp\/v2\/media\/9080"}],"wp:attachment":[{"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fintechpulse8.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Warren Buffett, Mitzi Perdue, and the world\u2019s youngest billionaire are frugal, too<\/h2>\n
The Ikea founder said frugality is in the Sm\u00e5land blood<\/h2>\n