Ikea founder leaves fortune to no one, structures it to ensure it lasts forever

Post by [deleted] » Fri, Feb 02, 2018, 1:34 PM UTC

chiefalchemist wrote: post #66

dagw wrote: post #46

Earlier quoted context omitted.

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 h…

Ok. But when why not donate the tax savings to an org that can use it? I just can't see "I don't care" resulting in hoarding (so much money). Maybe "Money doesn't motivate me" would be more accurate?

Post by neolefty » Fri, Feb 02, 2018, 1:35 PM UTC

marmaduke wrote: post #80

scandox wrote: post #29

"Great are the stars, and man is of no account to them. But man is a fair spirit, whom a star conceived and a star kills. He is greater than those bright blind companies. For though in them there is incalculable potentiality, in him there is achievement, small, but actual. Too soon, seemingly, he comes to his end. But when he is done he will not be nothing, not as though he had never been; for he is eternally a beaut…

Do you have an attribution for the quote?

Post by justin66 » Fri, Feb 02, 2018, 1:36 PM UTC

marmaduke wrote: post #80

scandox wrote: post #29

"Great are the stars, and man is of no account to them. But man is a fair spirit, whom a star conceived and a star kills. He is greater than those bright blind companies. For though in them there is incalculable potentiality, in him there is achievement, small, but actual. Too soon, seemingly, he comes to his end. But when he is done he will not be nothing, not as though he had never been; for he is eternally a beaut…

Do you have an attribution for the quote?

Post by Arnt » Fri, Feb 02, 2018, 1:38 PM UTC

viraptor wrote: post #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.

Post by chiefalchemist » Fri, Feb 02, 2018, 1:39 PM UTC

zaptheimpaler wrote: post #74

chiefalchemist wrote: post #71

On one, this is honorable and impressive. On the other, why hoard so much? Could he have been at least slightly more generous all along? Wouldn't that, done earlier, create a positive sooner? A positive that could have been compiling social compound interest (if you will)? I under the rules of the game (i.e., capitalism). That doesn't mean you have to buy all in to those rules. There are (personal) alternatives.

If IKEA can generate a higher return on capital than generally available, it could make more sense to accumulate and compound the money for as long as possible so he can donate a bigger amount later. Hard to quantitatively compare to the utility of early philanthropy.