Ikea Founder, Forbes Biggest Loser, Recovering from Surgery

Forbes reports that Ingvar Kamprad 85, founder of Ikea, recently has
heart surgery in Switzerland. His biggest loser status is really more of a technical re-calibration by Forbes, and does not really reflect any kind of declining fortunesfor either Kamprad or the furniture retailer.

Despite Ikea’s continued success and often cult-like following, Kamprad was the biggest loser on our 2011 billionaires list, down $17 billion to $6 billion. His drop from No. 11 to No. 162 among the World’s Billionaires in 2011 had nothing to do with the value of his thriving retailer. He fell because his lawyers produced documents that prove the foundation he created, and heads, in tax haven Lichtenstein owns Ikea, and its bylaws bar him and his family from benefiting from its funds.

Forbes

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