Free Republic

Despite their billions, Sweden’s wealthiest individuals have shown that not even they can withstand the effects of the financial crisis coupled with a dismal year on the stock market. A recent ranking by the Veckans Affärer business magazine reveals that the number of Swedish billionaires has been cut by nearly 30 percent in the last year, leaving only 98 individuals who are rich enough to measure their wealth in ten figures. Collective losses for the richest of Sweden’s rich amount to a staggering 200 billion kronor ($24.7 billion), a roughly 20 percent drop. But not to worry, those who top...

Swedish furniture maker Ikea celebrated the opening of its first factory in the United States on Wednesday. Swedwood, a subsidiary of home furnishings giant, has 40 plants worldwide. The $281 million plant in Danville, Virginia will employ 300 people by the end of 2009, said Swedwood North America president Bengt Danielsson. Virginia Governor Timothy M. Kaine was at Wednesday's ceremony to hail the economic boost to the ailing region along the North Carolina border, formerly a stronghold for the tobacco industry. Swedwood received $12 million in incentives from in state and local authorities, as well as the Virginia Tobacco Commission...