IKEA ( eye-KEE-ə, Swedish: [ɪ²keːa]) is a Swedish-founded multinational group that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services. It has been the world's largest furniture retailer since at least 2008. It was founded in Sweden in 1943 by 17-year-old carpenter Ingvar Kamprad, who according to the Bloomberg Billionaires Index in January 2018 was the 8th richest people in the world, with an estimated net worth of US$58.7 billion. The company's name is an acronym that consists of Kamprad's initials with those of Elmtaryd (the farm where he grew up), and Agunnaryd (his hometown in Småland, southern Sweden).The business is a private company owned by Inter IKEA Systems B.V. registered in the Netherlands and controlled by the sons of its founder Ingvar Kamprad. The company is known for its modernist designs for various types of appliances and furniture, and its interior design work is often associated with an eco-friendly simplicity. In addition, the firm is known for its attention to cost control, operational details, and continuous product development, corporate attributes that allowed IKEA to lower its prices by an average of two to three percent over the decade to 2010 during a period of global expansion.
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