How One of the World’s Wealthiest Individuals Avoided Taxes for Years

Many people are always complaining that the wealthy don’t pay their fair share in taxes. While that is an argument that will never end, it seems that one of the world’s richest men might be guilty. That’s because he was able to avoid paying taxes for more than 40 years. How is that possible? The wealthy taxpayer in question is the founder of IKEA, Ingvar Kamprad, who is reportedly one of the top ten richest people in the world. 

Although IKEA is clearly influenced by all things Swedish, the man who built the IKEA empire left his native country more than 40 years ago in the name of tax savings. IKEA is the number one furniture store in the world and in the fiscal year 2014-2015 the company reported 31.9 billion euros. However, taxes have always been a huge part of IKEA’s success. That’s exactly why Mr. Kamprad left the country he loves for Switzerland. He wanted a tax break. 

While he did pay taxes in Switzerland during those 40 years, he legally avoided what would have been a much larger bill if he had stayed in Sweden, for both his company and his personal income. Now, after all these years he has returned to his native Sweden and in 2014 he paid what amounted to about $2 million in taxes to Sweden, while his net worth is reportedly worth an estimated $43.2 billion.

Posted in
Five Mistakes You Can’t Afford to Make at Work

Five Mistakes You Can’t Afford to Make at Work

Have you ever made a bad mistake at work that you just couldn’t live down? No one is perfect and everybody makes mistakes. In most cases, people can overcome mistakes they make at work, but there are a few missteps that could really end up costing you. So, even though you’re not perfect make sure you do everything in your power to avoid these five critical mistakes at work.Promising too much – we all want to accomplish as much as we can and impress our bosses and coworkers. However, it’s a bad

Try These Apps to Really Save Money On Food

Try These Apps to Really Save Money On Food

When was the last time you went to the grocery store or had a meal at a restaurant? Chances are it hasn’t been too long. However, the way people shop is changing. Even eating “out” and buying grocery is becoming less common all the time. Amazon is making online grocery shopping and delivery a norm instead of an outlier. Additionally, more stores and restaurants are partnering with Uber and other driving services to deliver food on demand.Best Apps for Saving MoneyFurthermore, there are literally

Maximizing the Value of your Carried Interest

  After the passage of the 2017 Tax Cuts and Jobs Act (ACT), many people are wondering how to maximize the value of their carried interest. There are some changes in the ACT that might affect how you proceed when selling or transferring your carried interest to achieve long-term capital gain treatment. These rules apply…

How Californians Can Protect Their Home From Crime & Reduce Their Home Insurance Costs

How Californians Can Protect Their Home From Crime & Reduce Their Home Insurance Costs

How Californians Can Protect Their Home From Crime & Reduce Their Home Insurance Costs By. Cassandra June From theft, burglary, arson and vandalism, the types of property crime homeowners need to protect their homes from is a worrying list of felonies. 2016 saw property crime in California creep above 1 million instances; a scary and shocking statistic…