My understanding is that the Ikea corporate structure is much, much more complicated than this article even hints at, and in fact it is owned by so many different parties with different interests that go far beyond what is suggested here. Additionally, I think the Dutch are now the main owners of the main portions of the company that most associate with the name Ikea, as of a few years ago.
Who exactly are "the Dutch"?
Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
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Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#42When I was young and getting my driving license in Madrid I had to take a bus to the place were exams were done, in the south of Madrid(Mostoles). A friend of mine worked on IKEA and he told me that it was a lot of expectation as the founder had gone to Spain and it was taking the same bus that I took in order to visit the stores in Spain. It was surprising to me that someone owning billions will take the bus, while…
The testing center had their own car? Is this standard in Spain/Europe? I had to pay an instructor with a car to drive me to the testing center and let me use his car for the test while he waited around.
This is the standard in Spain. It is so because the learning car has a double set of pedals so the instructor can operate them if the student messes up: https://img.milanuncios.com/fg/2560/05/256005093_7.jpg
In Spain you usually enroll in a driving school where you have theoretical lessons (there's a theoretical exam that you must pass) and then they give you driving lessons with their adapted car.
When you're ready an official from the corresponding ministry joins you and your instructor one day for a practical test on the street/highway.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#43When I was young and getting my driving license in Madrid I had to take a bus to the place were exams were done, in the south of Madrid(Mostoles). A friend of mine worked on IKEA and he told me that it was a lot of expectation as the founder had gone to Spain and it was taking the same bus that I took in order to visit the stores in Spain. It was surprising to me that someone owning billions will take the bus, while…
Well he tends to setup a minibus and travel with some close co-workers that are needed along the way.
But sure he could take a bus in spain and no one would recognize him. The minibus is just more efficient.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#44I like how they wrote "They will have a more meager fortune ...of about $10 billion in 2016." tough life
I'm swedish and I didn't know that Ingvar was behind Ikano bank. It's a major thing here, they have a bank, loans and property.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#45> The foundation owns itself, so no Kamprad family members hold shares.
Late stage capitalism...
Anyway, I don't really get why the article claims he didn't care about money. It's known for a while that IKEA avoids taxes in many dodgy ways. If he really didn't care, the connected companies could pay a reasonable amount.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#46> The foundation owns itself, so no Kamprad family members hold shares. Late stage capitalism... Anyway, I don't really get why the article claims he didn't care about money. It's known for a while that IKEA avoids taxes in many dodgy ways. If he really didn't care, the connected companies could pay a reasonable amount.
He didn't really care about money personally, or at least not the material things money can buy. At least that's the image he worked very hard to portray by driving an old Volvo, living in a modest house and wearing clothes bought in a second hand store etc. He obviously cared a lot about his companies making as much money as possible. Although if you asked him he'd probably say that all that tax avoidance was just him being frugal.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#47Earlier quoted context omitted.
When you have $2.50 to your name, but you have to feed your family for the next week, you care a lot about money because you might die. I suspect billionaires see money more like kids collecting stickers. It's just a game, constantly trying to get more, for no obvious reason.
Depends on the mission, the end goal (if any), as with so many other things. If you're Gates, you likely feel an immense obligation to not destroy $100 billion (as with Buffett), as it's meant to be put to use as a public good. That has also become his professional life. And ideally you conservatively grow it further, to be able to bring that many more resources to bear on extremely expensive problems.
This is why my respect for Bill Gates has gone up so much over the years.
It’s cool when folks like Warren Buffett pledge to give away their personal fortunes when they die. However, his personal sacrifice is actually quite small, as he only gives it up when forced to by death.
Bill Gates, on the other hand has two valuable resources to offer and he is actively giving away both right now: 1) much of his vast fortune, 2) his time, expertise, and influence to champion causes for the greater good.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#48No medical or research institute, or Foundation, in there? It’s always nice when someone donates to the sciences or arts in perpetuity. https://en.m.wikipedia.org/wiki/Perimeter_Institute_for_Theo... https://en.m.wikipedia.org/wiki/Howard_Hughes_Medical_Instit... https://en.m.wikipedia.org/wiki/Getty_Foundation
Apropos Getty, my understanding is that the gentleman cared about fine furniture and classical (Roman) sculpture, which were housed (along with some paintings, namely a Corot) in the original Getty Museum.
This museum was a fine replica of a Pompeian villa (complete with herbs garden patch) in Malibu, and according to the deal with the upscale neighborhood, you either showed up with a bus ticket or made an appointment for parking in the premises. One day last century they were kind to a foreigner who showed up early but unannounced with his family, having just seen a small sign in the road.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#49> The foundation owns itself, so no Kamprad family members hold shares. Late stage capitalism... Anyway, I don't really get why the article claims he didn't care about money. It's known for a while that IKEA avoids taxes in many dodgy ways. If he really didn't care, the connected companies could pay a reasonable amount.
He didn't care for the lifestyle that money can bring. He was living in a nondescript suburban house near Lausanne and kept his old car for 20 years. Much like Warren Buffet, he was one of these self-made fortunes for whom money is a way to keep tally.
Re: Ikea founder leaves fortune to no one, structures it to ensure it lasts forever
#50How very convenient; that way, nobody will have to pay taxes.