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>> The billionaire founder of international furniture empire, IKEA, has died. Ingvar Kamprad passed away, age 91, on Sunday. With the brand he launched more than half a century ago familiar around the globe. Kamprad founded Ikea in 1943 when he was just 17. But the company didn't hit gold until 1956 when it pioneered its now famous flat pack furniture.
Kamprad got that idea as he watched an employee taking the legs off a table to fit into a customer's car. He realized that saving space meant saving money. The retailer is now heading for 50 billion euros, around $62 billion in annual revenues. Born in 1926, in Southern Sweden, Kamprad started off selling matches to neighbors at the age of five.
He soon diversified his inventory to include seeds, Christmas tree decorations, pencils, and ballpoint pens. In a statement announcing his passing, IKEA labeled him as one of the greatest entrepreneurs of the 20th century.