The 84-year-old founder of IKEA, Ingvar Kamprad, saw his net worth drop from $23 billion to $6 billion in this year’s Forbes Billionaires List. His ranking fell from No. 11 to No. 162 in the world.
But there’s a twist.
Kamprad willingly lost the money, after his lawyers proved that money in his Lichtenstein-based foundation — which owns IKEA — does not count toward his personal wealth, according to Forbes.
We’re not sure if this is an incredible act of charity or the greatest tax coup ever.
Despite Kamprad’s reputation for being stingy, part of his corporate image, most Swedes know about his 18th century mansion, Swiss villa, French vineyard and Porsche.
The real losers may be Kamprad’s three sons. Back in 2000, the billionaire gave each son a Habitat Furniture and promised to give IKEA to whoever was most successful in managing his franchise. But now IKEA may not be his to give.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.