The furniture chain paid tribute to Ingvar Kamprad in a statement, calling him "one of the greatest entrepreneurs of the 20th century".
The Swedish founder of furniture giant IKEA has died at the age of 91.
Ingvar Kamprad "peacefully passed away at his home" in Småland on Saturday, a statement from IKEA confirmed.
Kamprad was born in 1926 in Småland and founded the chain when he was 17-years-old.
His catalogue of products included fountain pens, encyclopedias and reinforced socks before progressing to furniture in 1948.
Kamprad had not had an operative role in the company since 1988, but continued to serve as a senior adviser.
IKEA, which is now headquartered in the Netherlands, has since become the largest furniture retailer in the world.
The company paid tribute to their founder on Twitter, calling him "one of the greatest entrepreneurs of the 20th century."
Kamprad, who was once listed as the world’s fourth richest man, currently ranks in the top ten of Bloomberg's Billionaires Index with an estimated net worth of $58.7bn (€47.2bn).