This was the revelation by IKEA’s billionaire founder, Ingvar Kamprad.
Ingvar Kamprad who was once listed as the world’s fourth richest man is renowned for his penny-pinching nature.
The entrepreneur has a fortune of about £51billion and ranks as one of the world’s richest men. He says he buys second-hand clothes in the hope of setting a good example to those around him.
While Speaking on a Swedish documentary, Mr Kamprad, 89 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.’
He believes his saving method helped his company reach new heights as one of the world’s top brand names.
The Swede who is now retired from the family company to make way for his three sons, finally returned to live in Sweden in 2014. He has grabbed international headlines for his modest spending habits.
‘Normally, I try to get my haircut when I’m in a developing country. Last time it was in Vietnam,’ Kamprad explained.