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Europe’s Richest Person Kamprad to Move Back to Sweden

Ikea billionaire Ingvar Kamprad, Europe’s richest person, said he will move back to Sweden, a country he fled four decades ago to avoid high tax rates.

Kamprad’s $51.7 billion fortune makes him the fourth-wealthiest individual in the world, according to the Bloomberg Billionaires Index. The 87-year-old controls Ikea, the world’s largest furniture retailer, through a series of trusts and foundations. He left his homeland Sweden for Switzerland in 1973 in an effort to keep Ikea closely held, something he said he couldn’t do with the tax regime in Sweden at the time, according to a foundation spokesman Per Heggenes.