Meet The Man Who Deliberately 'Lost' $17bn In 2010

Ingvar Kamprad

84-year-old Ingvar Kamprad is the founder of Swedish furniture and accessories store IKEA.

And, according to the latest Forbes richest billionaires list, his net worth took a massive dive last year. In fact, the Swedish billionaire is the year's biggest loser, down from $23bn to $6bn.

But the drop from No. 11 to No. 162 in the 'billionaries list' has nothing to do with the value of his thriving business. He has fallen 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.

The foundation, which gets royalty payments from Ikea's franchisees tax free, is valued at $12bn, but is said to have only dished out around $60m to charity.

Kamprad, who sold the business to the foundation years ago, gets his fortune from his investment firm, Ikano, run by his three sons.

www.forbes.com

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