He may be the fourth richest man in the world, but IKEA founder Ingvar Kamprad still drives a 15-year-old car and flies economy class.
"People say I am cheap and I don't mind if they do. But I am very proud to follow the rules of our company," Kamprad told the Swiss Broadcasting Corporation.
The Swede, whose fortune is estimated at $28 billion, explained his legendary habits during a rare television interview in his adoptive country of Switzerland. Kamprad turned 80 on March 30.
The interviewer teased that Ikea employees were always told to write on both sides of the paper.
"Why not?" Kamprad retorted. "If there is such a thing as good leadership, it is to give a good example. I have to do so for all the Ikea employees.
"Everything we earn we need as a reserve," he said. "We have to still develop the IKEA group. We need many billions of Swiss francs to take on China or Russia."
Ikea is the world's biggest furniture retailer, with 202 stores in 32 countries.
Source: Reuters via Yahoo News