The company announced his death today, saying the business mogul “peacefully passed away” yesterday.
A spokesman said: “The founder of Ikea and Ikano, and one of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Smaland, Sweden, on the 27th of January.
“Ingvar Kamprad was a great entrepreneur of the typical southern Swedish kind – hardworking and stubborn, with a lot of warmth and a playful twinkle in his eye.
“He worked until the very end of his life, staying true to his own motto that most things remain to be done.”
Ikea has 412 stores spread across 49 different countries and is famous for its flat-pack products.
Mr Kamprad founded the chain in 1943 when he was just 17, but didn’t hit gold until 1956, when the company pioneered the flat-pack style.
He got the idea as he watched an employee taking the legs off a table to fit it into a customer’s car and realised that saving space meant saving money.
Born on March 30, 1926, in southern Sweden, Mr Kamprad started off selling matches to neighbours at the age of five.
He soon diversified his inventory to include seeds, Christmas tree decorations, pencils and ball-point pens.
Alongside Ikea, he later established the Ikano group of companies in 1988.
But he was also hit by controversy over allegations of past links to the Nazis, something he described as the “greatest mistake” of his life.