However, even the most frugal folks would surely not begrudge the flatpack entrepreneur the right to spend some of his £51billion fortune on new threads.
The 89-year-old insists he only buys second-hand clothes in the hope of setting a good example to those around him.
Speaking on a Swedish documentary, Mr Kamprad said: `I don`t think I`m wearing anything that wasn`t bought at a flea market.
`It means that I want to set a good example. It`s in the nature of Smaland to be thrifty.`
The wealthy pensioner believes it is his prudent nature that helped IKEA to become one of the world`s top brand names.
In 2006, the American business magazine Forbes listed him as the fourth richest person in the world.
He is estimated to have an accumulated fortune of about 610 billion kroner (£51billion), according to recent Swedish media reports.
But it is difficult to separate what belongs to him, what belongs to his children and what is held in a family foundation in one of Europe`s most infamous tax havens, Liechtenstein.
In 1973, he fled Sweden`s higher tax structure for Denmark, before seeking even lower taxes in Switzerland.
From 2010 onward, Kamprad progressively retired from the family company to make way for his three sons, finally returning to live in Sweden in 2014.
His modest spending habits have made headlines over the years.
In 2008, he told newspaper Sydsvenskan that a 22-euro bill in the Netherlands had broken his barbering budget.
`Normally, I try to get my haircut when I`m in a developing country. Last time it was in Vietnam,` Kamprad explained.
More about:
