Mr Kamprad told Swedish daily newspaper Smaalandposten that while he used to be in favour of rapid expansion, he has now become worried that the firm may be forced to close stores in the event of a sustained economic downturn.

"I was somewhat of an engine before. But in the last 10 years I have in that way become an unhappy man," Mr Kamprad said.

"I see the responsibility and what the consequences can be. It's not fun to sit and feel this responsibility."

Mr Kamprad said he was particularly concerned that the firm's flagship store in the small Swedish town of Aelmhult could fall victim to a future cutback programme, depriving local people of their jobs.

Record growth

"I must apply the brakes. That's what I call loving Aelmhult," he said.

Ikea has grown into the world's largest furniture retailer with 140 stores in 22 countries and a workforce of some 70,000 people since its first outlet opened in Aelmhult in 1958.

The firm has become noted for its rapid expansion, unveiling plans to 20 new stores in the UK alone two years ago.

It has recently also set up stores in eastern Europe and Russia.

The firm, which remains in private ownership, racked up sales of 11.3bn euros ($11.7bn ; £7.6bn) in 2001.

Forbes Magazine ranked Mr Kamprad as the world's sixteenth richest man last year, estimating his personal fortune at $13.4bn.