The company was founded by Ingvar Kamprad at age 17 in 1943. The company name is a composite of the first letters in his name and the names of the property and the village in which he grew up: Ingvar Kamprad Elmtaryd Agunnaryd. This acronym was possibly chosen because it was similar to the Greek word οικία [oikia] (home) and to the Finnish word oikea (correct).
As a result of the sliding value of the U.S. dollar, Kamprad has now (according to Swedish news sources) overtaken Bill Gates to become the richest man in the world. IKEA however denies this assertion, saying that IKEA should not be counted as part of Kamprad's assets as he no longer owns the company. Others argue that this is a matter of definition as the chain is owned by a foundation controlled by the Kamprad family. Forbes magazine continues to list Gates as #1, placing Kamprad at #6.
