Kamprad has lived in Epalinges, Switzerland, since 1976. According to an interview with TSR, the French-language Swiss TV broadcaster, Kamprad drives a 1993 Volvo 240, flies only economy class, and encourages IKEA employees always to write on both sides of a piece of paper. He reportedly recycles tea bags and is known to pocket the salt and pepper packets at restaurants.” In addition, Kamprad has been known to visit IKEA for a “cheap meal”. He is known for purchasing Christmas paper and presents in post-Christmas sales. The firm he created is still known for the attention it gives to cost control, operational details and continuous product development, allowing it to lower its prices by an average of 2-3% over the decade to 2010, while continuing its global expansion. Kamprad explains his social philosophy thusly in his “Testament of a Furniture Dealer”: “It is not only for cost reasons that we avoid the luxury hotels. We don’t need flashy cars, impressive titles, uniforms or other status symbols. We rely on our strength and our will!” Kamprad owns a villa in upmarket Switzerland, a large country estate in Sweden and a vineyard in Provence, France. Additionally, Kamprad was known for driving aPorsche for several years.
On October 2012, Ingvar Kamprad is listed as the 5th Wealthiest person in the world, according the Bloomberg Billionares Index, with an estimated net worth of US $42.6 billion. As of March 2013, Ingvar’s net worth is $3.3 billion. This is due to him passing “the majority of his economic stake in global furniture retailer Ikea to entities beyond his economic control and benefit”.
