IKEA ( eye-KEE-ə, Swedish: [ɪˇkeːa]) is a European multinational group that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services. Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA has been the world's largest furniture retailer since 2008. According to the Bloomberg Billionaires Index, as of January 2018, Kamprad was the eighth richest person in the world, with an estimated net worth of US$58.7 billion. The company's name is an acronym that consists of the founder's initials (Ingvar Kamprad) plus those of Elmtaryd, the family farm where he was born, and the nearby village 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 that allowed IKEA to lower its prices by an average of two to three percent.
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