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Home > Business > Business Headline > Report

Gates dethroned as world's richest

Agencies | April 05, 2004 12:59 IST
Last Updated: April 05, 2004 14:16 IST

Ingvar Kamprad. Photo / AFP Ingvar Kamprad, founder of the Swedish furniture giant IKEA has surpassed Microsoft Corp's Bill Gates as the world's richest man.

According to the upcoming issue of Swedish business weekly Veckans Affarer Kamprad's wealth stands at 400 billion kronor ($53 Billion), while Forbes magazine put Gates' fortune at $40.7 billion.

In 1943, when Kamprad was 17, his father gave him a gift for succeeding in his studies. Kamprad used the gift to establish his own business. The name IKEA was formed from the founder's initials (I.K.) plus the first letters of Elmtaryd and Agunnaryd, the farm and village where he grew up. IKEA originally sold pens, wallets, picture frames, table runners, watches, jewellery and nylon stockings.

In 1947, furniture was introduced into the IKEA product range. Today, IKEA has a network of over 180 stores in 30 countries on four continents.

Kamprad, 77, who now lives in Switzerland no longer participates in the daily management of IKEA.

Media reports said the dollar's slide against other currencies is the main reason Kamprad has overtaken Gates.

External link:
The world's richest

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Number of User Comments: 8

Sub: Gates no more No.1

really it is challenging to be at the top n maitain it.

Posted by Ranjeet Kumar Sah

Sub: surprising!

Does not it sound surprising that a person(Ingvar Kamprad) who was ranked 13th with $ 18.5 billion worth in the forbes list suddenly becomes the ...

Posted by Mohd Azad

Sub: comments on richest

in my opinion ,gates has donated to the needy . It think he has many orphanages all over the world.

Posted by niranjan

Sub: khool

good keep it up

Posted by charu verma

Sub: World Richest Man

Bill Gate defeted

Posted by Inder



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