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The Wallenberg family is a prominent Swedish family, Europe's most powerful business dynasty. Wallenbergs are noted as
The earliest known member patrilineally of the Wallenberg family is maintaining farmer Per Hansson of Hertzberga (1670–1741) outside Linköping in Östergötland who, in 1692, married Kerstin Jacobsdotter Schuut (1671–1752). Their son, sheriff Jacob Persson Wallberg (1699–1758) married twice. The children of his first marriage to Märta Christina Kiuhlman adopted the surname Wallberg, and those of his second to Anna Kristina Tillberg, daughter of vicar Marcus Joannis Tillberg, adopted the surname Wallenberg. The eldest son of his second marriage was lector of theology and vicar of Slaka, Marcus Wallenberg. His younger brother,
bankers
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
, industrialists, politicians, bureaucrat
A bureaucrat is a member of a bureaucracy and can compose the administration of any organization of any size, although the term usually connotes someone within an institution of government.
The term ''bureaucrat'' derives from "bureaucracy", w ...
s, diplomats and military. The Wallenberg sphere's holdings employ about 600,000 people and have sales of $154 billion a year. The Wallenberg empire consists of 16 Wallenberg Foundations
The Wallenberg Foundations refers collectively to the 16 public and private foundations formed on the basis of donations from members of the Swedish Wallenberg family, or created with funds raised in honor of Wallenberg family members.
The Foundat ...
, Foundation Asset Management AB Foundation Asset Management AB is a Swedish foundation asset management company, founded by the three largest Wallenberg foundations in order to manage the assets of the foundations, by means of direct ownership as well as through management and ...
(FAM), Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
, Patricia Industries and Wallenberg Investments AB.
In the 1970s, the Wallenberg family businesses employed 40% of Sweden's industrial workforce and represented 40% of the total worth of the Stockholm stock market. By 2011, their conglomerate holding company, Investor AB, had an approximate ownership of 120 companies. By 2022, the Wallenberg sphere had an approximate ownership of 330 companies. In 2015, the family still owned a third of Sweden’s entire stock exchange.
The Wallenbergs control many Swedish multinationals and other European industrial groups, such as world leading telecommunication multinational Ericsson; Scandinavian and Baltic bank giant Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken AB (, abbreviated SEB, is a northern European financial services group headquartered in Stockholm, Sweden. In Sweden and the Baltic countries, SEB has a full financial service offering. In Denmark, Finland, Norway, ...
; one of the world's largest paper and pulp multinationals Stora Enso, (which is world's oldest limited liability company); world's largest stock exchange company Nasdaq, Inc.
Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, a ...
; global leader in smart technologies and complete lifecycle solutions for marine and energy markets Wärtsilä
Wärtsilä Oyj Abp (), trading internationally as Wärtsilä Corporation, is a Finnish company which manufactures and services power sources and other equipment in the marine and energy markets. The core products of Wärtsilä include technol ...
; world's second-largest appliance maker Electrolux; one of the world's largest power, automation and robotics multinationals ABB
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ...
; one of Europe's largest aerospace and arms manufacturers SAAB
Saab or SAAB may refer to:
Brands and enterprises
* Saab Group, a Swedish aerospace and defence company, formerly known as SAAB, and later as Saab AB
** Datasaab, a former computer company, started as spin off from Saab AB
* Saab Automobile, a fo ...
; Scandinavian airliner SAS Group; world's largest ball-bearing company SKF
AB SKF (Swedish: ''Svenska Kullagerfabriken''; 'Swedish Ball Bearing Factory') is a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, in 1907. The company manufactures and supplies bearings, seals, lubrication and l ...
; manufacturer of compressors, vacuum and air treatment systems, construction equipment, power tools and assembly systems Atlas Copco
Atlas Copco (Copco from Compagnie Pneumatique Commerciale) is a Swedish multinational industrial company that was founded in 1873. It manufactures industrial tools and equipment.
The Atlas Copco Group is a global industrial group of companies ...
; Europe's fourth largest pharmaceutical multinational AstraZeneca
AstraZeneca plc () is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus in Cambridge, England. It has a portfolio of products for major diseases in areas includi ...
; outdoor power products, consumer watering products, cutting equipment and diamond tools manufacturer Husqvarna; Sobi; mining and infrastructure business company Epiroc
Epiroc AB is a Swedish manufacturer of mining and infrastructure equipment. It is headquartered in Stockholm, Sweden and has its manufacturing facilities in Sweden, United States, Canada, Australia, China, India, Japan and Germany.
History
Epir ...
; investment conglomerate Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
; the Grand Group hotel; world's largest supplier of powdered metal Höganäs AB
Höganäs AB is a Swedish multinational based in Höganäs. It is the world's largest producer of powdered metals. It develops and markets powders for customers in metallurgical industries.
The company's portfolio of products and services inclu ...
; Europe's second-largest equity firm with portfolio companies in Europe, Asia and the USA EQT Partners, etc. Former holdings include, among others, fifth-largest truck manufacturer in the world Scania AB, Saab Automobile.
Wallenbergs, through the Knut and Alice Wallenberg Foundation
Knut and Alice Wallenberg Foundation (KAW) ( sv, Knut och Alice Wallenbergs Stiftelse) is a Swedish public and private foundation formed in 1917 by Knut Agathon Wallenberg and his wife Alice Wallenberg. It was created to support research in the n ...
, allocate annually SEK 2 billion to science and research, which makes the Knut and Alice Wallenberg Foundation
Knut and Alice Wallenberg Foundation (KAW) ( sv, Knut och Alice Wallenbergs Stiftelse) is a Swedish public and private foundation formed in 1917 by Knut Agathon Wallenberg and his wife Alice Wallenberg. It was created to support research in the n ...
one of the largest private research foundations in Europe, and has, until 2020, awarded SEK 31.2 billion in grants.
Raoul Wallenberg, a diplomat, worked in Budapest
Budapest (, ; ) is the capital and most populous city of Hungary. It is the ninth-largest city in the European Union by population within city limits and the second-largest city on the Danube river; the city has an estimated population o ...
, Hungary, during World War II to rescue Jews from the Holocaust. Between July and December 1944, he issued protective passports and housed Jews, saving tens of thousands.
Early History
The earliest known member patrilineally of the Wallenberg family is maintaining farmer Per Hansson of Hertzberga (1670–1741) outside Linköping in Östergötland who, in 1692, married Kerstin Jacobsdotter Schuut (1671–1752). Their son, sheriff Jacob Persson Wallberg (1699–1758) married twice. The children of his first marriage to Märta Christina Kiuhlman adopted the surname Wallberg, and those of his second to Anna Kristina Tillberg, daughter of vicar Marcus Joannis Tillberg, adopted the surname Wallenberg. The eldest son of his second marriage was lector of theology and vicar of Slaka, Marcus Wallenberg. His younger brother, Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
, was a naval chaplain of the Swedish East India Company
The Swedish East India Company ( sv, Svenska Ostindiska Companiet or ''SOIC'') was founded in Gothenburg, Sweden, in 1731 for the purpose of conducting trade with China and the Far East. The venture was inspired by the success of the Dutch East ...
and author of the Swedish classic, a travelogue '' My Son on the Galley'', original title .
The eldest son of lector and vicar Marcus Wallenberg, and the only child in his marriage to Sara Helena Kinnander, was Marcus Wallenberg (1774–1883). Marcus Wallenberg studied at Uppsala University
Uppsala University ( sv, Uppsala universitet) is a public research university in Uppsala, Sweden. Founded in 1477, it is the oldest university in Sweden and the Nordic countries still in operation.
The university rose to significance during ...
in the early 1790s and was promoted ''Master of Philosophy'' in 1797 and in the same year graduated ''juris utriusque''. He became an associate professor of ''Roman eloquence'' in 1800, but was forced to leave Uppsala the same year after the so-called ''music process'' and moved to Lund where he married Anna Laurentia Barfoth, daughter of professor of anatomy, Andreas Barfoth, at Lund university
, motto = Ad utrumque
, mottoeng = Prepared for both
, established =
, type = Public research university
, budget = SEK 9 billion Bager of Malmö. In 1802, he became a notary public in Linköping, and in 1805, a lecturer in Greek at Linköping university where he translated the Illiad and Odyssey from Greek to Swedish. He was ordained in 1817, promoted ''doctor of theology'' around the time of Karl XIV Johan's ascension to the throne, and between 1819 and 1833, held the position as bishop of Linköping diocese. He attended the Riksdags in 1823 and between 1828 to 1830. In 1801, Wallenberg was elected a member of the Swedish ''Royal Academy of Music'' and in 1821, he became an honorary member of the ''Royal Swedish Academy of Letters, History and Antiquities''.
Marcus Wallenberg was a freemason and a member of the masonic lodges in Malmö and Lund in the province of Scania. He was also one of the initiators behind the masonic lodge in Linköping.
In 1850, Wallenberg was commanded to Sundsvall as first lieutenant and head of a boatman company. He swore the burgher oath in Sundsvall, and became a burgher of Sundsvall and later elected to the Swedish parliament. He resigned from the military service in 1851 as first lieutenant. He became friends with the sawmill owner and industrialist Fredrik Bünsow and mediated loans to him at the acquisition of Skönvik in 1856, which became the origin of Skönviks AB, much later a cornerstone of the SCA (company). Wallenberg and Bünsow also founded the city's first brewery, Sundsvalls Ölbryggeri in 1858. Wallenberg also represented the city as a Member of Parliament.
As a banker, he was a pioneer in Europe. Already during his stay in the United States in 1837, at the time of the Panic of 1837, he wanted to become a banker. He had "learned how banks should not be run". He became Sundsvallsbanken's first manager. In 1856 he formed 
A.O., which he is called in the family, also became involved in many industries, including Atlas Diesel, which later would become
In 1903, following a proposal from businessmen in the Swedish business community,
Knut Agathon Wallenberg's younger brother Marcus Wallenberg Sr. carried on the tradition and took over as the bank's CEO in 1911, replacing his older brother who was appointed 
Marcus Wallenberg Sr., commonly called ''häradshövdingen'', the ''circuit judge'', due to his law degree, was the great initiative force in the family's industrial commitments; founding, reorganising and reconstructing companies. In addition to this, had an active career on the world stage, as a member of many committees. He founded ''Centralbanken of Norway'', ''AB Emissionsinstitutet'', ''Papyrus AB'', ''Swedish Diesel Company'', ''Swedish-Russian-Danish Telephone Aktiebolaget'', ''Mexican Telephone AB Ericsson'', reorganising of ''Nordiska trävaru AB'', ''Kopparbergs & Hofors Sawmill AB'', and of ''Wifstavarfs AB''. He founded, together with
After the dissolution of the union, there was a question of reorganising Sweden's diplomacy, Wallenberg was used for its tasks and in 1906 was appointed envoy to Tokyo, and in 1907, he was also accredited in Beijing. Wallenberg thus became the first permanently stationed Swedish career diplomat in East Asia. At the same time, he was promoted to commander of the 1st degree. On July 2, 1908, Wallenberg concluded a "Treaty of Friendship, Trade and Shipping" with the Chinese Qing Court. The treaty was in line with other treaties that China concluded with several Western powers around the turn of the last century. On the one hand, the Treaty reaffirmed the extensive privileges Sweden had secured with the Treaty of Canton in 1847, on the other hand, the new Treaty provided for the abolition of many of these privileges since China reformed its judiciary. Wallenberg's return trip from Tokyo attracted considerable attention in early 1918. Due to the precarious conditions caused by the war and especially the Russian Revolution, Wallenberg was stopped in Siberia, where he was detained for a long time, and then had to return to Japan and then travel across the United States. He first arrived in Sweden in February 1919. In 1920, Wallenberg was transferred to Istanbul, Turkey, as Minister. He was accredited in Sofia, Bulgaria, and held the position until 1930.
He became well known for his stern refusal to let his daughter Nita Wallenberg marry the artist
The Wallenbergs had been given a hefty commission fee to buy Bosch shares abroad and they, in return, gave Bosch the absolute right to buy them back when the war was over. The Wallenberg-owned ball-bearing multinational, 
Wallenbergs also did business with IG Farben and owned large number of shares in the parent company. The IG Farben patent was hidden in Sweden.
Jacob dealt with the Germans in Berlin, while Marcus dealt with the British and Americans in London and New York, in which cities he was friends with the banking elite. His ex-wife, Dorothy Mackay, had married the London banker 
In late March, 2022, it became known that technology and equipment from Wallenberg-owned
The Wallenbergs business empire is often referred to as the Wallenberg sphere, the Wallenberg sphere is a large group of companies in which their investment conglomerate,
File:Stockholm 2009 PD 080.JPG, Villa Sirishov, former summer house of André Oscar Wallenberg
File:Grand Hotel June 2018 01.jpg, Grand Hotel, Stockholm
File:Grand Hotel, Saltsjöbaden 03.JPG, Grand Hotel Saltsjöbaden, built by Knut Agathon Wallenberg
File:Birger Jarlsgatan 24, dec 2019a.jpg, Hotel Sparrow, Stockholm
File:Bumanska palatset, 2014.JPG, Burmanska Palace
File:Stockholm - KAK.jpg, Bolinderska Palace
File:Lydmar Hotel, 2014.JPG, Hotel Lydmar, Stockholm
File:Malmvik Manor, Lindö, Uppland, Sweden (6853389470).jpg, Malmvik Estate, Lovön, Stockholm
File:Prima abitazione di Raoul Gustav Wallenberg - panoramio - Carlo Pelagalli.jpg, Villa Täcka Udden, Djurgården, Stockholm, Wallenbergs' villa for representation
File:Wallenbergska villan 01.JPG, Villa Wallenberg
File:Villagatan 4 - Wallenbergska huset.jpg, Mansion Wallenberg, purchased by Oscar Wallenberg
File:Barcayska huset.jpg, Mansion Barcay, also known as Mansion Wallenberg, purchased by André Oscar Wallenberg
File:Wallenbergska huset - a.jpg, Saloon in Mansion Wallenberg
File:Strandvägen 27, salong, ca 1910.jpg, Saloon in Marcus Wallenberg Sr. apartment at
Wallenberg Family Tree on Kindo
{{Authority control Banking families Raoul Wallenberg Swedish businesspeople Swedish families
André Oscar Wallenberg, the founder of the banking dynasty
André Oscar Wallenberg was born on the 19th of November, 1816, in Linköping where his father held the position as bishop in Linköping cathedral. Between 1825 and 1832, he attended Linköping trivial school and high school, and in 1832, traveled as a young man to the Caribbean and became a sea cadet on his return. After graduating as a naval officer inKarlskrona
Karlskrona (, , ) is a locality and the seat of Karlskrona Municipality, Blekinge County, Sweden with a population of 66,675 in 2018. It is also the capital of Blekinge County. Karlskrona is known as Sweden's only baroque city and is host to S ...
in 1835, he served for a few years as a sailor on North American trunk ships and in 1837 he became an officer in the Swedish navy. Four years later he accompanied the "Oxehufvudian expedition" as first mate. The destination was the "La Plata States", that is, Argentina, Uruguay and Paraguay, but because the expedition was poorly led, he left it already in Lisbon. He then spent a year in Spain and France studying languages and law at Grenoble university, and spent a long time in Brest studying their shipyards and workshops.
In 1850, Wallenberg was commanded to Sundsvall as first lieutenant and head of a boatman company. He swore the burgher oath in Sundsvall, and became a burgher of Sundsvall and later elected to the Swedish parliament. He resigned from the military service in 1851 as first lieutenant. He became friends with the sawmill owner and industrialist Fredrik Bünsow and mediated loans to him at the acquisition of Skönvik in 1856, which became the origin of Skönviks AB, much later a cornerstone of the SCA (company). Wallenberg and Bünsow also founded the city's first brewery, Sundsvalls Ölbryggeri in 1858. Wallenberg also represented the city as a Member of Parliament.
As a banker, he was a pioneer in Europe. Already during his stay in the United States in 1837, at the time of the Panic of 1837, he wanted to become a banker. He had "learned how banks should not be run". He became Sundsvallsbanken's first manager. In 1856 he formed Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
, which was modelled after the Scottish banking system, and was until his death its president. He introduced the postal exchange, which simplified the possibilities of transferring money between different locations, still almost unknown outside Sweden, and through a comparatively high deposit rate, the deposit, depreciation and amortisation business developed. The bank's capital was made up of deposits from the public and not, as with previous banks, through private banknote issuance. The business idea was that if the savers left the money tied up in an account for a longer period of time, they would receive a higher interest rate. In addition to the modernisation of banking legislation, Wallenberg contributed to the introduction of the meter system and increased rights for women, among other things by being the first in Europe to allow women to work in banks ( Alida Rossander), and allow women to open their own bank accounts.
A.O., which he is called in the family, also became involved in many industries, including Atlas Diesel, which later would become Atlas Copco
Atlas Copco (Copco from Compagnie Pneumatique Commerciale) is a Swedish multinational industrial company that was founded in 1873. It manufactures industrial tools and equipment.
The Atlas Copco Group is a global industrial group of companies ...
and several railway companies. In 1864 he also became a driving force behind the founding of Sweden's first bank limited company, Skandinaviska Kreditaktiebolaget (later Skandinaviska Banken).
He was a co-owner and employee of "Bore" in 1848–51 and provided both pecuniary support and articles for "Stockholmsposten" 1869–70. In Aftonbladet
''Aftonbladet'' (, lit. "The evening paper") is a Swedish daily newspaper published in Stockholm, Sweden. It is one of the largest daily newspapers in the Nordic countries.
History and profile
The newspaper was founded by Lars Johan H ...
he wrote almost regularly once a week "Ekonomiskt", ''Economic'', between 1865-68. He was a member of the bourgeoisie 1853–63. After the change of representation, he represented the city of Stockholm in the First Chamber from the beginning of the new state until his death.
He died in January 1886 in Stockholm and was buried in the Wallenberg Mausoleum at Malmvik. He was married twice; first to Wilhelmina Catharina Andersson, and in his second to Miss Anna Eleonora Charlotte von Sydow, born 1835, died 1910 in Stockholm, daughter of the commander, later Rear Admiral Johan Gustaf von Sydow and his second wife Eleonora Juliana Wiggman. He had a total of twenty children with three different women.
Late 19th and early 20th century — 2nd generation Wallenbergs
Knut Agathon Wallenberg
Knut Agathon Wallenberg
Knut Agathon Wallenberg (19 May 1853 – 1 June 1938) was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's ''Första kammaren ...
, like his father André Oscar Wallenberg
André Oscar Wallenberg (19 November 1816 – 12 January 1886) was a Swedish banker, industrialist, naval officer, newspaper tycoon, politician and a patriarch of the Wallenberg family. In 1856 Wallenberg founded the Stockholms Enskilda Bank, ...
, was trained as a naval officer, at ''Naval School of Warfare''. In 1876, he attended Georgiis' Banking Institution, and then gained an early banking internship in Paris at Credit Lyonnais
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...
. Upon his father's death in 1886, Knut Agathon became President of Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
. This took place at the same time as an intensive investment period in Swedish business began. During this time, Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
played an innovative role by connecting the French capital market with the demand for credit in the rapidly expanding Swedish industry. The bank played an important role in financing Sweden's breakthrough as an industrial nation. Knut Agathon Wallenberg
Knut Agathon Wallenberg (19 May 1853 – 1 June 1938) was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's ''Första kammaren ...
created a very large fortune and a leading position in Swedish society. He was involved in everything from reconstructions in the mining industry and engineering companies to the exploitation of the ore fields in Norrbotten
Norrbotten (), known in English as North Bothnia, is a Swedish province (''landskap'') in northernmost Sweden. It borders south to Västerbotten, west to Swedish Lapland, and east to Finland.
Administration
The traditional provinces of ...
.
Wallenberg was intensely involved in various societal issues, not least in Stockholm's development. For more than 30 years, he was active in municipal politics in the capital, as a member of the Stockholm City Council 1883–1914. He was also a Member of the Riksdag in the First Chamber for more than a decade, 1907–1919, and Minister of Foreign Affairs during the war years 1914–1917. In his position as Foreign Minister, he was seen, especially by the left, as a counterweight to the German-oriented forces in government. He was the initiator, lender, donor and driving force behind a large number of contemporary construction projects, mainly in Stockholm, including the Royal Swedish Opera, Stockholm School of Economics
The Stockholm School of Economics (SSE; sv, Handelshögskolan i Stockholm, HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with Ph ...
, Stockholm City Hall
Stockholm City Hall ( sv, Stockholms stadshus, ''Stadshuset'' locally) is the seat of Stockholm Municipality in Stockholm, Sweden. It stands on the eastern tip of Kungsholmen island, next to Riddarfjärden's northern shore and facing the island ...
, Stockholm City Library
Stockholm Public Library ( Swedish: ''Stockholms stadsbibliotek'' or ''Stadsbiblioteket'') is a library building in Stockholm, Sweden, designed by Swedish architect Gunnar Asplund, and one of the city's most notable structures. The name is today ...
, Swedish Maritime History Museum and the Swedish Institute in Rome
The Swedish Institute in Rome ( sv, Svenska institutet i Rom, it, Istituto Svedese di studi classici a Roma) is a research institution that serves as the base for archaeological excavations and other scientific research in Italy. It also pursue ...
. He was also the initiator and driving force behind the development of the community Saltsjöbaden
Saltsjöbaden is a locality in Nacka Municipality, Stockholm County, Sweden with 9,491 inhabitants in 2010. It is on the Baltic Sea coast, deep in the Stockholm Archipelago.
History
Saltsjöbaden () was developed as a resort by Knut Agathon Wa ...
, its residential town, railway, Grand Hotel Saltsjöbaden
The Grand Hotel Saltsjöbaden is a hotel in Saltsjöbaden, Sweden. Built on the initiative of Knut Agathon Wallenberg, it was opened in 1893 by King Oscar II of Sweden. The hotel was owned by the Wallenberg family until 1999, when it was purchased ...
, the Church of Revelation where he and his wife Alice are buried in a sarcophagus, and the Observatory.
In 1903, following a proposal from businessmen in the Swedish business community, Knut Agathon Wallenberg
Knut Agathon Wallenberg (19 May 1853 – 1 June 1938) was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's ''Första kammaren ...
donated a large sum to the founding of a business school in Stockholm. The money was used by the School of Business, Economics and Law, which was established in 1906 to found the Stockholm School of Economics
The Stockholm School of Economics (SSE; sv, Handelshögskolan i Stockholm, HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with Ph ...
in 1909, which is still financed and controlled by the Wallenbergs today and has, since then, sister schools in Riga, Latvia, and St.Petersburg, Russia.
Wallenberg was chairman of the Swedish School of Economics 'Association, the Swedish School of Economics' highest decision-making body, 1906–1938. He was also vice chairman of the board of the Stockholm School of Economics
The Stockholm School of Economics (SSE; sv, Handelshögskolan i Stockholm, HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with Ph ...
, the university's highest executive body, 1909–1938. He donated funds for the establishment of André Oscar Wallenberg's professorship in economics and banking at the university in 1917, a donation professorship named after his father. The donation professorship still exists today and has been held since 1995 by Jörgen Weibull. He also made large donations to finance the university's new main building at Sveavägen 65 in Stockholm.
British Bank of Northern Commerce The British Bank of Northern Commerce was founded in February 1912 by Knut Agathon Wallenberg of the Stockholms Enskilda Bank and Emil Glückstadt of Landmandsbanken (Copenhagen), together with several other banks including Centralbanken for Nor ...
was founded in February 1912 by Knut Agathon Wallenberg
Knut Agathon Wallenberg (19 May 1853 – 1 June 1938) was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's ''Första kammaren ...
and Emil Glückstadt
Emil or Emile may refer to:
Literature
*'' Emile, or On Education'' (1762), a treatise on education by Jean-Jacques Rousseau
* ''Émile'' (novel) (1827), an autobiographical novel based on Émile de Girardin's early life
*'' Emil and the Detecti ...
of ''Landmandsbanken'' together with several other banks including ''Centralbanken of Norway'' in Oslo, ''Banque de Commerce de l'Azoff-Don'' in St.Petersburg, and Banque de Paris et des Pays Bas
BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
in Paris. The purpose of the bank was to facilitate trade between the United Kingdom and northern Europe. The bank financed Finland after the country achieved its independence from Russia in 1917–18. In June 1919 the bank offered the chairmanship of its board to John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...
with the assurance that in return for a salary of £2000 the job would only take a morning a week. Keynes had met Knut Agathon Wallenberg and Glückstadt during World War I and believed the offer was attractive. However, Keynes consulted with several bankers in the city and turned the offer. In October 1920 British Bank of Northern Commerce merged with C.J. Hambro & Sons, rebranded Hambros Bank of Northern Commerce. In August 1921 the bank shortened its name to Hambros Bank
Hambros Bank was a British bank based in London. The Hambros bank was a specialist in Anglo-Scandinavian business with expertise in trade finance and investment banking, and was the sole banker to the Scandinavian kingdoms for many years. The Bank ...
.
He was chairman of the board of directors of the pension company Alecta between 1916 and 1938.
In 1938, Knut Agathon Wallenberg
Knut Agathon Wallenberg (19 May 1853 – 1 June 1938) was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's ''Första kammaren ...
died. His wife, Alice, and he, had no issue, apart from an adopted daughter, Jeanne, born out of wedlock to Jean Karadja Pasha Prince Jean Constantin Alexandre Othon Karadja Pasha (March 9, 1835 in Nauplia – August 11, 1894 in The Hague) was a Phanariot army officer and diplomat of the Ottoman Empire. He was also a talented pianist and composer.
Family
Jean was the ...
, and thus half-sister to Constantin Karadja
Prince Constantin Jean Lars Anthony Démétrius Karadja (24 November 1889 in The Hague – 28 December 1950 in Bucharest) was a Romanian diplomat, barrister-at-law, bibliographer, bibliophile and honorary member (1946) of the Romanian Academy. H ...
, and chose to bequeath his enormous fortune to the already formed Knut and Alice Wallenberg Foundation
Knut and Alice Wallenberg Foundation (KAW) ( sv, Knut och Alice Wallenbergs Stiftelse) is a Swedish public and private foundation formed in 1917 by Knut Agathon Wallenberg and his wife Alice Wallenberg. It was created to support research in the n ...
.
Marcus Wallenberg Sr.
Knut Agathon Wallenberg's younger brother Marcus Wallenberg Sr. carried on the tradition and took over as the bank's CEO in 1911, replacing his older brother who was appointed Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
chairman
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...
of the board.
Marcus Wallenberg Sr., commonly called ''häradshövdingen'', the ''circuit judge'', due to his law degree, was the great initiative force in the family's industrial commitments; founding, reorganising and reconstructing companies. In addition to this, had an active career on the world stage, as a member of many committees. He founded ''Centralbanken of Norway'', ''AB Emissionsinstitutet'', ''Papyrus AB'', ''Swedish Diesel Company'', ''Swedish-Russian-Danish Telephone Aktiebolaget'', ''Mexican Telephone AB Ericsson'', reorganising of ''Nordiska trävaru AB'', ''Kopparbergs & Hofors Sawmill AB'', and of ''Wifstavarfs AB''. He founded, together with Sam Eyde
Samuel Eyde (29 October 1866 – 21 June 1940) was a Norwegian engineer and industrialist. He was the founder of both Norsk Hydro and Elkem.
Personal life
Eyde was born in Arendal in Aust-Agder, Norway. He was a son of ship-owner Samuel Eyde (1 ...
and Kristian Birkeland, Norsk Hydro, and not the least, saved ASEA
''Allmänna Svenska Elektriska Aktiebolaget'' (English translation: General Swedish Electrical Limited Company; Swedish abbreviation: ASEA) was a Swedish industrial company.
History
ASEA was founded in 1883 by Ludvig Fredholm in Västerås a ...
(ABB
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ...
) from bankruptcy. He was the main representative in Sweden of the modern pursuit of industry concentration under the leadership of the major banks. Together with Erik Johan Ljungberg, he founded the Federation of Swedish Industries.
His international career is characterised by his involvement on many committees. During World War I, he was repeatedly called upon to bring about trade agreements with England and its allies vis-à-vis the Russian Revolution, the Sykes-Picot agreement and the Balfour Declaration
The Balfour Declaration was a public statement issued by the British government in 1917 during the First World War announcing its support for the establishment of a "national home for the Jewish people" in Palestine, then an Ottoman region ...
. In the winter of 1919, Wallenberg had to monitor Sweden's interests in financial matters on behalf of the Swedish government during the Paris Peace Conference and in 1920 was Sweden's representative at the Brussels Finance Conference. In 1920, he became a member of the League of Nations' newly established Financial Committee, of which he was Chairman from 1921 to 1922. In 1921, Wallenberg founded the Swedish Taxpayers' Association The Swedish Taxpayers' Association ( sv, Skattebetalarnas förening) is an association and taxpayers union in Sweden which advocates low taxes and efficiency in the public sector. The association was first founded in 1921 and since then has grown v ...
. Wallenberg participated in leading positions in the implementation of the Dawes Plan
The Dawes Plan (as proposed by the Dawes Committee, chaired by Charles G. Dawes) was a plan in 1924 that successfully resolved the issue of World War I reparations that Germany had to pay. It ended a crisis in European diplomacy following W ...
. He was Chairman of the ''Committee on the German Industry's encumberment'', a Chairman of the ''Committee for the Arrangement of Germany's Natural Supplies'', the arbitrator in disputes between the German government and the ''Repair Committee'', which was responsible for the Allies' establishment of a functional infrastructure between 1925 and 1930. He was responsible for the interpretation of the Young Plan
The Young Plan was a program for settling Germany's World War I reparations. It was written in August 1929 and formally adopted in 1930. It was presented by the committee headed (1929–30) by American industrialist Owen D. Young, founder and fo ...
in 1930. Between 1931 and 1934, Marcus Wallenberg Sr. was the Chairman of the ''Arbitration Court'', which dealt with short-term German credits in the establishment of the German moratorium, established in 1932 in Lausanne. In 1931, Marcus Wallenberg Sr., along with Hjalmar Schacht
Hjalmar Schacht (born Horace Greeley Hjalmar Schacht; 22 January 1877 – 3 June 1970, ) was a German economist, banker, centre-right politician, and co-founder in 1918 of the German Democratic Party. He served as the Currency Commissioner ...
, was also appointed as an expert by the German government to reconstruct the German banking system in order to adapt it to the Bank of International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".
The BIS carries out its work thr ...
.
Marcus Wallenberg Sr. sat on the ''Credits Arbitration Committee'' with Thomas H. McKittrick and Franz Urbig
Franz Urbig (23 January 1864 – 28 September 1944) was a German banker. He joined the Disconto-Gesellschaft as a trainee on 15 July 1884 and built much of his career and reputation within this bank in Southeast Asia during the final part of th ...
, which solved disputes between German commercial banks. Marcus Wallenberg Sr. taught McKittrick about the complicated international finances, and was an important mentor to the American throughout his presidency of the Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".
The BIS carries out its work thr ...
, teaching him to play both sides simultaneously in the war, which would guarantee the banks and business empires future existence regardless of the outcome. McKittrick wrote to Marcus Wallenberg Sr. in 1943,
Marcus Wallenberg Sr. has been described as an eager beaver, unprententious and frugal (money would be spent on projects and not consumption), cautious regarding business, whose main focus was on work.
According to the former SVT journalist and authority on Ivar Kreuger
Ivar Kreuger (; 2 March 1880 – 12 March 1932) was a Swedish civil engineer, financier, entrepreneur and industrialist. In 1908, he co-founded the construction company Kreuger & Toll Byggnads AB, which specialized in new building techniques. ...
, Nikola Majstrovic, in his book, the ''Truth Behind the Kreuger Crash'', Marcus Wallenberg Sr. and the banker J. P. Morgan Jr.
John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker, finance executive, and philanthropist. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. ...
paid Josef Stalin
Joseph Vissarionovich Stalin (born Ioseb Besarionis dze Jughashvili; – 5 March 1953) was a Georgian revolutionary and Soviet political leader who led the Soviet Union from 1924 until his death in 1953. He held power as General Secreta ...
to orchestrate the assassination of Ivar Kreuger
Ivar Kreuger (; 2 March 1880 – 12 March 1932) was a Swedish civil engineer, financier, entrepreneur and industrialist. In 1908, he co-founded the construction company Kreuger & Toll Byggnads AB, which specialized in new building techniques. ...
.
Gustaf Oscar Wallenberg
Marcus's brother Gustaf Oscar Wallenberg, grandfather of Raoul Wallenberg, became a lieutenant in 1882 and a captain in the Swedish navy in 1892. He left the active military service in 1891 to devote himself to business. He was particularly concerned with traffic issues and the improvement of Sweden's shipping connections. He was the managing director of the shipping company, which in 1897 took over the traffic from the Swedish side of the route Trelleborg – Sassnitz and worked within the trade and shipping committee appointed in 1898 to increase the shipping industry and especially for direct Swedish relations with more important transoceanic countries. In 1892, he became the first managing director of Järnvägs AB Stockholm – Saltsjön, but left this post in 1896. Between 1900 and 1907, he belonged to the Swedish parliament's second chamber as a representative of the city of Stockholm. At first, he described himself as independent, but from 1902 he belonged to the Liberal Coalition Party.
After the dissolution of the union, there was a question of reorganising Sweden's diplomacy, Wallenberg was used for its tasks and in 1906 was appointed envoy to Tokyo, and in 1907, he was also accredited in Beijing. Wallenberg thus became the first permanently stationed Swedish career diplomat in East Asia. At the same time, he was promoted to commander of the 1st degree. On July 2, 1908, Wallenberg concluded a "Treaty of Friendship, Trade and Shipping" with the Chinese Qing Court. The treaty was in line with other treaties that China concluded with several Western powers around the turn of the last century. On the one hand, the Treaty reaffirmed the extensive privileges Sweden had secured with the Treaty of Canton in 1847, on the other hand, the new Treaty provided for the abolition of many of these privileges since China reformed its judiciary. Wallenberg's return trip from Tokyo attracted considerable attention in early 1918. Due to the precarious conditions caused by the war and especially the Russian Revolution, Wallenberg was stopped in Siberia, where he was detained for a long time, and then had to return to Japan and then travel across the United States. He first arrived in Sweden in February 1919. In 1920, Wallenberg was transferred to Istanbul, Turkey, as Minister. He was accredited in Sofia, Bulgaria, and held the position until 1930.
He became well known for his stern refusal to let his daughter Nita Wallenberg marry the artist Nils von Dardel
Nils Dardel (full name Nils Elias Kristofer von Dardel, sometimes known as ''Nils de Dardel'') was a 20th-century Swedish Post-Impressionist painter, grandson to famous Swedish painter Fritz von Dardel.
Biography
Dardel was born in Bettna, S ...
to whom she became secretly engaged in 1917 Dardel was told by her family that he "dithed not meet the requirements to be married into the Wallenberg family". The risk that Dardel would take advantage of being married into the family was considered very high. Nita Wallenberg was forced to burn all of Dardel's letters and was given a place in the families bank business and told to forget her romance. Wallenberg was married twice, with Danish man Carl Johan Kierullf, and later to businessman Carl Axel Söderlund during 1930 to 1944, and had three children.
Mid 20th century — 3rd generation Wallenbergs
Jacob Wallenberg (1892–1980)
Jacob "Juju" Wallenberg (27 September 1892 – 1 August 1980) was a Swedish banker and industrial leader. Wallenberg held various central positions in Stockholms Enskilda Bank. He was also chairman of the board of several companies, includi ...
, eldest son of Marcus Wallenberg Sr., became the CEO of Skandinaviska Enskilda Banken in 1927, joined by his younger brother Marcus Wallenberg Jr. as the deputy CEO.
World War II
During World War II, the Wallenberg-owned bank,Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
, collaborated with the German government, and assisted Nazi-Germany in a variety of ways. Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
functioned as a purchasing agent for the Bosch corporation, a company that was one of the largest suppliers to Hitler. In its facility outside Berlin, it relied on prisoners of war and concentration camp prisoners as workforce. Wallenbergs pretended to buy Bosch's foreign companies so that they would not run the risk of being confiscated. At the end of the war, the secret contracts were discovered in a basement in Stuttgart by the American forces. The Wallenbergs had been given a hefty commission fee to buy Bosch shares abroad and they, in return, gave Bosch the absolute right to buy them back when the war was over. The Wallenberg-owned ball-bearing multinational, SKF
AB SKF (Swedish: ''Svenska Kullagerfabriken''; 'Swedish Ball Bearing Factory') is a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, in 1907. The company manufactures and supplies bearings, seals, lubrication and l ...
, supplied the German military with ball-bearing, and had a monopoly on it in Europe. SKF
AB SKF (Swedish: ''Svenska Kullagerfabriken''; 'Swedish Ball Bearing Factory') is a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, in 1907. The company manufactures and supplies bearings, seals, lubrication and l ...
's ball-bearings were Sweden's most important strategic contribution to German war production. In the spring of 1944, the Swedish government along with the Wallenbergs, promised the Allies that the export of ball-bearings would cease. However, SKF continued to export. When this could not be done legally, the ball-bearings were smuggled to Germany. As late as 1945, SKF sold ball-bearing steel and ball-bearing machines to Hitler. In addition to ball-bearing, the Wallenbergs' assisted by supplying the Germans with iron-ore from the mines in Northern Sweden and heavy water, aluminium and chemicals for explosives from Norsk Hydro, which had been founded by the Wallenbergs. At the plants in Rjukan
Rjukan () is a town and the administrative centre of Tinn municipality in Telemark, Norway. It is situated in Vestfjorddalen, between Møsvatn and Lake Tinn, and got its name after Rjukan Falls west of the town. The Tinn municipality council gr ...
in Norway, Norsk Hydro, together with the Swiss firm Escher-Wyss, cooperated on the Nazi-Germany's nuclear weapons program. Marcus Wallenberg Sr. was Chairman of the board of Norsk Hydro as late as 1941. Wallenbergs' Norsk Hydro co-owned the aluminum factory in Heröya, Norway, with IG Farben and the German state. The German state ownership of the aluminum plant came in part from shares stolen by French Jews. In 1943, at least a quarter of the workforce at the factory were forced laborers from the Soviet Union, Norway and Poland. At the same time, there were several Swedish technicians on site in the factory. Wallenberg-owned Stockholms Superfosfat Fabriks AB (today AkzoNobel
Akzo Nobel N.V., stylized as AkzoNobel, is a Dutch multinational company which creates paints and performance coatings for both industry and consumers worldwide. Headquartered in Amsterdam, the company has activities in more than 80 countries, ...
), shortened Fosfatbolaget, delivered heavy water from their plant in Ljungaverk
Ljungaverk is a locality situated in Ånge Municipality, Västernorrland County, Sweden
Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the King ...
, Sweden, to the Nazi-Germany nuclear program and the Manhattan project.
Wallenbergs also did business with IG Farben and owned large number of shares in the parent company. The IG Farben patent was hidden in Sweden.
Jacob dealt with the Germans in Berlin, while Marcus dealt with the British and Americans in London and New York, in which cities he was friends with the banking elite. His ex-wife, Dorothy Mackay, had married the London banker Charles Jocelyn Hambro
Air Commodore Sir Charles Jocelyn Hambro, (3 October 189728 August 1963) was a British merchant banker and intelligence officer.
Life
Hambro was born into a banking family of Danish Jewish origin which had settled in Dorset and the City of Lo ...
. Jacob was awarded the Grand Cross of the Order of the German Eagle in Berlin in 1941. The Secretary of the US Treasury, Henry Morgenthau Jr
Henry Morgenthau Jr. (; May 11, 1891February 6, 1967) was the United States Secretary of the Treasury during most of the administration of Franklin D. Roosevelt. He played a major role in designing and financing the New Deal. After 1937, while s ...
. considered Jacob Wallenberg strongly pro-German, and the US subjected the bank to a blockade that was only lifted in 1947 after the Safehaven-negotiations in Washington, DC, at which the Wallenbergs were defended by John Foster Dulles,. The Dulles brothers were friends of the Wallenberg family.
According to the chief of T-Bureau, Thede Palm, an acquaintant of Marcus Wallenberg Jr., the Wallenberg-owned Stockholm Enskilda Banken undertook to manage the Swedish Central Bank, Riksbanken, and other matters, if necessary - the same bank that stored, during World War II, the Nazi Gold, Raubgold, property confiscated from occupied lands (for example, from Jews), which included gold from molten jewelry, dental gold and gold bars.
Post-war Period
During the 1950s, Marcus Wallenberg Jr. gradually advanced his positions in industry, becoming the ''King of Industry'', the most active person in industrial projects of the 20th century, and the man who laid the foundation for the ''Swedish industrial miracle''. He was involved in everything from civil aviation, military aviation, nuclear power, telecommunication, computer industry, banking sector, steel industry, cars. In a talk in Falun in 1954, in which he laid out his visions, he talked about supersonic planes, expressways, huge parking areas on the outskirts of cities, transistors on metal plates, which would enable "pocket phones", three-dimensional color television, fully automatic factories, mathematics machines, atomic power, radioactive sterilisation of fresh produce, synthetic materials and medicines. In the late 50s, Marcus Wallenberg Jr. was active on sixty company boards.Late 20th century — 4th generation Wallenbergs
The two sons of Marcus Wallenberg Jr., Marc and Peter, joined the family business in 1953, includingheir apparent
An heir apparent, often shortened to heir, is a person who is first in an order of succession and cannot be displaced from inheriting by the birth of another person; a person who is first in the order of succession but can be displaced by the b ...
Marc Wallenberg
Marc "Boy-boy" Wallenberg (28 June 1924 – 19 November 1971) was a Swedish banker and business manager. A member of the prominent Wallenberg family, Marc Wallenberg was CEO of Stockholms Enskilda Bank until his death in 1971.
Early life
Wallen ...
, eldest son of Marcus Wallenberg Jr., who became a deputy CEO at Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
in 1953, before taking over as CEO in 1958. The brother of Marcus Wallenberg Jr., Jacob Wallenberg, resigned as CEO. The mother of the two, including their sister Ann-Mari, was the Scotswoman, Dorothy Mackay. After the divorce between Marcus Wallenberg and Dorothy, the sons were brought up by their father in Sweden, whereas their sister Ann-Mari, was brought up in United Kingdom by her mother. In his younger years, Peter Wallenberg often referred to his father as ''cruel'', but later changed to ''very demanding''. He was reminded daily of how inept he was by his father, and later in life, either ignored or ridiculed by him in front of other CEOs in the sphere. The favourite son Marc received the same strict upbringing: any sign of weakness would be suppressed.
Marc Wallenberg studied at Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
and practiced in Geneva, at Crédit Lyonnais
The Crédit Lyonnais (, "Lyon Credit ompany) was a major French bank, created in 1863 and absorbed by former rival Crédit Agricole in 2003. Its head office was initially in Lyon but moved to Paris in 1882. In the early years of the 20th cent ...
and Paribas in Paris, Hambros in London and in New York, at Morgan Stanley, National City (Citibank
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Ba ...
) and Brown Brothers Harriman & Co. Marc spent several summers as a guest of families such as the Morgans and Rockefellers, friends of his father, uncle and grandfather. David Rockefeller was a teenage friend of Marc Wallenberg.
The resignation by Jacob Wallenberg opened a seat on the bank's board of directors to Peter Wallenberg Sr., younger son of Marcus Wallenberg Jr., who turned down the offer, instead entering the industry and the Wallenberg-owned Atlas Copco
Atlas Copco (Copco from Compagnie Pneumatique Commerciale) is a Swedish multinational industrial company that was founded in 1873. It manufactures industrial tools and equipment.
The Atlas Copco Group is a global industrial group of companies ...
, spending significant time abroad in South Africa, US and UK.
Marcus Wallenberg Jr. pushed through a merger agreement between Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
and rival Skandinaviska Banken
Skandinaviska Banken, literally the ''Scandinavian Bank'', was a Swedish bank founded in Gothenburg, 1864. Its foundation coincided with the political aspirations of the Scandinavian movement, which sought to unite Sweden, Norway and Denmark int ...
in 1971. Soon after, tragedy struck when Marc Wallenberg committed suicide, observers suggested that the act came possibly because Marc Wallenberg felt himself inadequate to the task of leading what was to become the Scandinavian banking giant Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken AB (, abbreviated SEB, is a northern European financial services group headquartered in Stockholm, Sweden. In Sweden and the Baltic countries, SEB has a full financial service offering. In Denmark, Finland, Norway, ...
, having been under much pressure from both his stern father, Marcus Wallenberg Jr., who used to box his ears in front of others, and his uncle, Jacob Wallenberg. Others speculated, including his father, that the prolonged cold and medication with sulfa drugs might have been fatal and resulted in his gun inflicted suicide. The merger went through in 1972. At the time of his death, Marc Wallenberg was on the boards of 67 companies.
Marcus Wallenberg Jr. and his younger son Peter Wallenberg Sr., focused their interests on the family's investment companies, Investor
An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Typ ...
and Providentia. Investor became the family's new flagship business, and, under Marcus Wallenberg Jr.'s leadership began actively promoting the restructuring of most of the industrial companies under its control, replacing board members
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervise the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiza ...
and promoting younger CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
and other management.
In 1970s, Peter Wallenberg established contact with top of the Chinese Communist Party. Peter was a close friend of Jiang Zemin, who visited Sweden. Peter had also close contact with Hu Jintao who, like Zemin, visited Sweden. Peter hosted a dinner for Hu Jintao.
Peter Wallenberg Sr. took over after the death of Marcus Wallenberg Jr. in 1982. For many outsiders, the change in leadership marked a final moment in the family's more than 100-year dominance of the Swedish banking and industrial sectors
Sector may refer to:
Places
* Sector, West Virginia, U.S.
Geometry
* Circular sector, the portion of a disc enclosed by two radii and a circular arc
* Hyperbolic sector, a region enclosed by two radii and a hyperbolic arc
* Spherical sector, a po ...
. Yet Peter Wallenberg Sr. rose to the challenge, guiding Investor
An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Typ ...
and Sweden's industry into a new era. In 1990, it was estimated that the family indirectly controlled one-third of the Swedish Gross National Product. Peter Wallenberg Sr. stepped down from leadership of Investor in 1997.
When Henry Kissinger started his consulting firm, Kissinger and Associates, on Park Avenue in New York, the Wallenbergs were his key clients. For a fixed fee of $200,000 per year, Kissinger took upon himself, or with the help of one of his employees, to go through the situation in the world together with company management, and for a fee of $100,000 a month, the firm was also available for special projects.
In 1998, it was reported in media that, George Soros was on a secretive visit to Stockholm and the Wallenberg-owned Stockholm School of Economics
The Stockholm School of Economics (SSE; sv, Handelshögskolan i Stockholm, HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with Ph ...
to meet representatives of the Wallenberg family. Soros' Quantum Group of Funds had give-up accounts at Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken AB (, abbreviated SEB, is a northern European financial services group headquartered in Stockholm, Sweden. In Sweden and the Baltic countries, SEB has a full financial service offering. In Denmark, Finland, Norway, ...
. The Wallenbergs were the main backers of George Soros' Quantum Group of Funds.
The Wallenberg-owned ABB
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ...
supplied North Korea with two nuclear power plants in the early 2000s. Weapons experts warned that the waste material from the two reactors could be used for so-called "dirty bombs". Donald Rumsfeld was on the ABB board when the deal was won in 2000.
Early 21st century — 5th generation Wallenbergs
In 2006, the fifth generation took over the Wallenberg sphere. Marcus Wallenberg, son ofMarc Wallenberg
Marc "Boy-boy" Wallenberg (28 June 1924 – 19 November 1971) was a Swedish banker and business manager. A member of the prominent Wallenberg family, Marc Wallenberg was CEO of Stockholms Enskilda Bank until his death in 1971.
Early life
Wallen ...
, Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
and Peter Wallenberg Jr. sons of Peter Wallenberg Sr.
In May 2006, Wallenbergs' bank SEB arranged a meeting in Stockholm together with World Economic Forum
The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...
where experts and policymakers discussed the financial instabilities and the reformation of IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glob ...
and World Bank. The hosts were President Marcus Wallenberg and CEO Annika Falkengren.
In late February 2022, it was reported in the media that, Wallenberg-owned Ericsson had bribed the terror organisation ISIL in Iraq.
In late March, 2022, it became known that technology and equipment from Wallenberg-owned Atlas Copco
Atlas Copco (Copco from Compagnie Pneumatique Commerciale) is a Swedish multinational industrial company that was founded in 1873. It manufactures industrial tools and equipment.
The Atlas Copco Group is a global industrial group of companies ...
and SKF
AB SKF (Swedish: ''Svenska Kullagerfabriken''; 'Swedish Ball Bearing Factory') is a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, in 1907. The company manufactures and supplies bearings, seals, lubrication and l ...
had been sold to twelve of the Russian state's nuclear weapons manufacturers.
In April, 2022, Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
participated in a secret meeting in Helsinki, Finland, with Swedish Minister of Finance Mikael Damberg
Lars Mikael Damberg (born 13 October 1971) is a Swedish politician of the Social Democratic Party. He served as Minister for Finance from 2021 to 2022. He previously served as Minister for Enterprise from October 2014 to January 2019 and as mini ...
and the President of Finland, Sauli Niinistö and high military officers, on the issue of NATO membership.
In September, 2022, the Wallenberg-owned Ericsson continued to export telecommunication equipment to Russia after the sanctions, which, according to some sources, could be used for military as well as civilian purposes.
In October, 2022, Jacob Wallenberg, CEOs from the Wallenberg sphere, and the Swedish and Dutch royal families, met at Wallenbergs Grand Hotel Stockholm to discuss the sale of submarine A26 by Saab Group
Saab AB (originally , later just SAAB and Saab Group) is a Swedish aerospace and defence company, founded in 1937. Headquartered in Stockholm, the development and the manufacturing is undertaken in Linköping. Saab produced automobiles from 194 ...
to Netherlands.
Media reported in November, 2022, that, the Wallenberg family played a central role when Prime Minister Ulf Kristersson
Ulf Hjalmar Ed Kristersson (born 29 December 1963) is a Swedish politician who has been serving as Prime Minister of Sweden since October 2022. He has been the leader of the Moderate Party (M) since October 2017 and a member of the Riksdag (MP ...
visited Turkish President Erdogan. CEOs of the Wallenberg sphere, in total CEOs of 6 multinationals in the Wallenberg sphere, were part of the delegation to Turkey, including Håkan Buskhe of Saab Group
Saab AB (originally , later just SAAB and Saab Group) is a Swedish aerospace and defence company, founded in 1937. Headquartered in Stockholm, the development and the manufacturing is undertaken in Linköping. Saab produced automobiles from 194 ...
.
Modern business
The Wallenbergs have a very low-key public profile, eschewing conspicuous displays of wealth. The family motto is ''Esse, non Videri'' ( Latin for "To be, not to be seen"). Marcus Wallenberg Sr. adopted this motto when he became a Knight and Commander of the Royal Order of the Seraphim in 1931.
The Wallenbergs business empire is often referred to as the Wallenberg sphere, the Wallenberg sphere is a large group of companies in which their investment conglomerate, Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
, or Foundation Asset Management (FAM), have the controlling interest
A controlling interest is an ownership interest in a corporation with enough voting stock shares to prevail in any stockholders' motion. A majority of voting shares (over 50%) is always a controlling interest. When a party holds less than the major ...
. In 1916, new legislation made it more difficult for banks to own shares in industrial companies on a long-term basis. Investor
An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Typ ...
was therefore formed as an investment part of Stockholms Enskilda Bank
Stockholms Enskilda Bank, sometimes called Enskilda banken or SEB, was a Swedish bank, founded in 1856 by André Oscar Wallenberg as Stockholm's first private bank. In 1857, Stockholms Enskilda Bank began to employ women, claiming to be the f ...
.
Investor
Wallenbergs' investment conglomerateInvestor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
has the controlling interest of the multinationals Atlas Copco
Atlas Copco (Copco from Compagnie Pneumatique Commerciale) is a Swedish multinational industrial company that was founded in 1873. It manufactures industrial tools and equipment.
The Atlas Copco Group is a global industrial group of companies ...
, ABB
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ...
, AstraZeneca
AstraZeneca plc () is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus in Cambridge, England. It has a portfolio of products for major diseases in areas includi ...
, Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken AB (, abbreviated SEB, is a northern European financial services group headquartered in Stockholm, Sweden. In Sweden and the Baltic countries, SEB has a full financial service offering. In Denmark, Finland, Norway, ...
, Epiroc
Epiroc AB is a Swedish manufacturer of mining and infrastructure equipment. It is headquartered in Stockholm, Sweden and has its manufacturing facilities in Sweden, United States, Canada, Australia, China, India, Japan and Germany.
History
Epir ...
, Ericsson, Nasdaq, Inc.
Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, a ...
, Swedish Orphan Biovitrum, Husqvarna Group
The Husqvarna Group () is a Swedish manufacturer of outdoor power products including chainsaws, trimmers, brushcutters, cultivators, and garden tractors. Founded as a firearms manufacturer in 1689, it is one of the oldest continuously runni ...
, Saab Group
Saab AB (originally , later just SAAB and Saab Group) is a Swedish aerospace and defence company, founded in 1937. Headquartered in Stockholm, the development and the manufacturing is undertaken in Linköping. Saab produced automobiles from 194 ...
, Electrolux, Wärtsilä
Wärtsilä Oyj Abp (), trading internationally as Wärtsilä Corporation, is a Finnish company which manufactures and services power sources and other equipment in the marine and energy markets. The core products of Wärtsilä include technol ...
, Electrolux Professional
Electrolux Professional AB is a Swedish multinational professional appliance manufacturing company, headquartered in Stockholm. Originally formed as a division and later subsidiary of Electrolux, it was spun-off in March 2020. It produces a vari ...
.
Patricia Industries
Additionally,Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
, has controlling interest of Patricia Industries, which has controlling interest of Mölnlycke Health Care
Mölnlycke Health Care is a Swedish medical device company headquartered in Gothenburg and active internationally. The company manufactures and sells wound care and single-use surgical products and is a service provider to the healthcare sector. ...
, Laborie
Laborie is a village on the south coast of Saint Lucia. It was originally called l'Islet a Caret after the Loggerhead sea turtles that were found in the area. The name Laborie is named after Baron de Laborie who was the French governor of Saint Lu ...
, Permobil, Sarnova, Piab, Advanced Instruments, BraunAbility
BraunAbility is an American manufacturer of wheelchair accessible vans and wheelchair lifts based in Winamac, Indiana. It is currently owned by Investor AB. The company was founded by Ralph Braun, who had spinal muscular atrophy
Spinal mu ...
, AtlasAntibodies, Vectura
Vectura Group Limited is a British pharmaceuticals company based in Chippenham, England which develops inhaled medicines and makes inhaler devices. The company was listed on the London Stock Exchange until it was acquired by Philip Morris Inter ...
, 3 (company).
EQT Partners
Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
also has controlling interest of Europe's second-largest equity firm, third-largest in the world, EQT Partners, which, as of October 2022, has majority and minority ownership of 3Shape, Acumatica
Acumatica provides cloud and browser based enterprise resource planning software for small and medium-sized businesses. The company is headquartered in Kirkland, Washington, in the Seattle metropolitan area.
Acumatica has partnerships with B ...
, Acuon Capital, Aelin Therapeutics, AGS Health, AIG Hospitals, Allee Center, AM-PHarma, Amolyt Pharma, Anticimex
Anticimex is an international modern pest control company. Anticimex means "Against bed bugs". Anticimex is mainly owned by EQT Partners and have subsidiaries in 20 countries.
Anticimex operates in the areas of pest control, building environm ...
, Ardoq, Artios Pharma, Artwall, Arvelle Therapeutics, Atlantic Therapeutics, Atricom and Le Buro, AviadoBio, Azelis, Banking Circle, BBS Automation, Beijer Ref, Binx Health, Bluestep Bank, Bushu Pharmaceuticals, Campus, Cardiac dimensions, Cardior, Cast & Crew, Cerba Healthcare, Certara, CFC, China Shine, CitiusTech, Clarivate Analytics, CMS info Systems, Codemao, Coforge
Coforge, formerly known as NIIT Technologies, is an Indian multinational information technology company based in Noida, India and New Jersey, United States. The company's stock trades on the Bombay Stock Exchange and on the National Stock Exch ...
, Colisee, Concept, Covanta, Cue, CYE, Cypress Creek, Dataflow, Deliner Couplers, DELTA Fiber, Deutsche Glasfaser, DNA Script, DOTS Technology, Dunlop, EC-Council, EdgeConneX, Egle Therapeutics, Ellab, Eloxx Pharma, Endotronix, Envirotainer, Epidemic Sound, eTheRNA, Eton, Eureka, evidia, Evommune, Eyesense, Fiberklaar, First Student and First Transit, FoRx Therapeutics, Freepik, Golderma, Ginko, GlobalConnect, GPA Globa, Guardian Shanghai Hygiene Serice Ltd., HMI Group, Horizon Robotics, HotSpot Therapeutics, Hutchmed, Icon Group, Idealista, IFS, IGT Solutions, ILA Vietnam, Illuminoss, ImCheck, Imcyse, Immunic, Impro Precision, Indesso, Innovative Molecules, InstaVolt, iStar Medical, IVC Evidensia, Jakarta Eye Center, JD Health, Karo Pharma, kfzteile24, Kodias Gas Sevices, LLC, Kuoni Group / VFS Global, Kuros, Kyobo Life Insurance, Levande, Lima, Long-Spring Education Group, Lumenis, Lumeon, Magnit, Mambu, ManyPets, Medeye, Melita, Merus, Metlifecare, MHC Asia, Minerva
Minerva (; ett, Menrva) is the Roman goddess of wisdom, justice, law, victory, and the sponsor of arts, trade, and strategy. Minerva is not a patron of violence such as Mars, but of strategic war. From the second century BC onward, the Ro ...
, Mollie, Molslinjen
(previously called ) is a Danish company that operates ferry services between Jutland (Jylland) and the island of Zealand
(Sjælland). In March 2017, the routes in the Kattegat were renamed to Molslinjen, while the Bornholms services would c ...
, Muna Therapeutics, Nest, Neurent Medical, New Amsterdam Pharma, Nexon Asia Pacific, Nkarta, Nobi, Nord Anglia, Nouscom, 02 Power, One Projects, ONWARD, Open Systems, Orphazyme, Osmose Utilities Services, Inc., Ottobock
Ottobock SE & Co. KGaA, formerly Otto Bock, is a company based in Duderstadt Germany, that operates in the field of orthopedic technology. It is considered the world market leader in the field of prosthetics and one of the leading suppliers ...
, OxThera, Parcel2GO, Parexel, Parques Reunidos, Perfuze, Pharvaris, Pioneer Corporation, Prometric, RBL Bank, Recipharm, Recover, Rich Healthcare, RIMES Technologies, Sagility, SAI360, Saturn, SAUR, Schulke, SEGRA, Sequana Medical, Shengmu Organic Milk, Shinhan Financial Group, SHL Medical, Sitecore, Smart Parc, SNPR Biome, Solarpack, Solera, Southside, SPT Labtech, Stendörren, Storable, Straive, SUSE, Svenska Verksamhetsfastigheter, T-Knife, TBS Energi (fka Toba Bara), TELUS International, The CrownX, thinkproject, Torghatten, Tricor, TRYT, UNnum, UTA, VarmX, VBill, Vectura (Activaro), Vicentr, Vico Therapeutics, Vietnam-USA Society English Centers (“VUS”), Vinted, Virtuos, Virtusa, Vistra, Visus Therapeutics, Vivasure, Vivoryon Therapeutics, Wall Street English, WASH, Waystar, Wolt, WorkWave, World Freight Company, WS Audiology, Xeltis, Xilis, XyloCor Therapeutics, Zayo, Zealand Pharma.
The subsidiary of EQT Partners, EQT Ventures
EQT Ventures is the venture capital business of Swedish investment manager EQT AB Group. In May 2016, EQT Ventures announced its first €566m fund that makes minority equity investments in European and US tech companies ranging between €1 m ...
, has ownership of Oden Technologies, Holidu, Risk Methods, Min Doktor, Wolt
Wolt is a Finnish technology company known for its delivery platform for food and merchandise. On Wolt's apps (iOS and Android) or website, customers can order food and other items from the platform's restaurant and merchant partners, and either ...
, Unomaly, Hubs, Service Partner One, Watty, Hubs (formerly 3D Hubs, Peltarion, My Tomorrows, Small Giant Games, Peakon, HackerOne, Token, Codacy, Home, Call Desk, Varjo, Natural Cycles, Permutive, Tinyclues, AnyDesk
AnyDesk is a remote desktop application distributed by AnyDesk Software GmbH. The proprietary software program provides platform independent remote access to personal computers and other devices running the host application. It offers remote co ...
, Quit Genius, Beamery, Silexica, Baffin Bay Networks, Banking Circle, BIM Object, Supplant, Siilo, Headspin, Handshake, Mental, Acerta Analytics, Wandelbots, dott, Warducks, Popcore, Cytora, Heart Aerospace, Standard Cognition, Darkstore, Beat81, Einride, Let's Do This, Frontify, Netlify
Netlify is a remote-first cloud computing company that offers a development platform that includes build, deploy, and serverless backend services for web applications and dynamic websites. The platform is built on open web standards, makin ...
, Sonantic, Reworks, Peanut, Anyfin, Willa, Traplight, Seeqc, Vectary, CodeSandbox, Griffin, Supernormal, Wonder, Luko, Curb, Cleo, Kive, Sana Labs, Instabox, Colossi Games, Treecard, Supernova, Playsome, Kitemaker, Airkit, Unmind, Oirigin.bio, Vev, Lenus eHealth, Owwn, Volt, Single.earth, Hiber, Verkor, Depict.AI, Linearity, Formo, Juni, Moralis, Timeless, Candela, Onramper, Billhop, Endgame, Voila, Nothing, Superlist, Knoetic.
FAM
FAM,Foundation Asset Management Foundation Asset Management AB is a Swedish foundation asset management company, founded by the three largest Wallenberg foundations in order to manage the assets of the foundations, by means of direct ownership as well as through management and c ...
, has controlling interest of world's largest manufacturer of bearing and seal SKF
AB SKF (Swedish: ''Svenska Kullagerfabriken''; 'Swedish Ball Bearing Factory') is a Swedish bearing and seal manufacturing company founded in Gothenburg, Sweden, in 1907. The company manufactures and supplies bearings, seals, lubrication and l ...
, fourth-largest paper and pulp multinational Stora Enso, global leader in energy-efficient air treatment and climate solutions Munters, provider of advanced process solutions IPCO (formerly Sandvik
Sandvik AB is a Swedish multinational engineering company specializing in metal cutting, digital and additive manufacturing, mining and construction, stainless and special steel alloys, and industrial heating. The company was founded in Swe ...
Process Systems), one of Sweden's largest private forest owners Kopparfors Skogar, hotel and restaurant business the Grand Group, world's largest manufacturer of metal powders Höganäs AB
Höganäs AB is a Swedish multinational based in Höganäs. It is the world's largest producer of powdered metals. It develops and markets powders for customers in metallurgical industries.
The company's portfolio of products and services inclu ...
, global packaging and logistics services provider Nefab, Sweden's leading digital mailbox provider Kivra, and minority ownership of Alfven & Didrikson, AMEXCI, Cinder Invest, Combient, GreenIron, Gropyrus, H2 Green Steel, developer of Quantom Dots and micro LEDs for displays Nanosys
Nanosys is a nanotechnology company located in Milpitas, California and founded in 2001. The company develops and manufactures quantum dot materials for display products.
Products
Quantum Dot Enhancement Film (QDEF)
Nanosys Quantum Dot Enhanc ...
, developer of hardware solutions for quantum computing Seeqc, investment firm for early-stage companies 82an Invest.
Organisations
Bilderberg Group
The Wallenbergs were instrumental in its creation and are members of the Steering Committee ofBilderberg Group
The Bilderberg meeting (also known as the Bilderberg Group) is an annual off-the-record conference established in 1954 to foster dialogue between Europe and North America. The group's agenda, originally to prevent another world war, is now defi ...
and have invited CEOs from the Wallenberg sphere and other European companies, Scandinavian bankers, as well as editor-in-chiefs from mass media, Swedish politicians, and scientists to the meeting. The Wallenberg-owned Grand Hotel Saltsjöbaden
The Grand Hotel Saltsjöbaden is a hotel in Saltsjöbaden, Sweden. Built on the initiative of Knut Agathon Wallenberg, it was opened in 1893 by King Oscar II of Sweden. The hotel was owned by the Wallenberg family until 1999, when it was purchased ...
hosted the meeting thrice, in 1962, 1973 and 1984. Marcus Wallenberg Jr. was a member of the Steering Committee and attended the meeting twenty-two times from the 1950s to 1981, a year prior this his death. His grandson Marcus Wallenberg has attended it eight times, as a member of the Steering Committee, and his other grandson, Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
, seventeen times, as a member of the Steering Committee.
The Wallenbergs have invited among others Herbert Tingsten
Herbert Lars Gustaf Tingsten (17 March 1896 – 26 December 1973) was a Swedish political scientist, writer and newspaper publisher. An influential figure in Swedish political science, he was a professor of political science at Stockholm Univer ...
, Per Jacobsson, Tage Erlander
Tage Fritjof Erlander (; 13 June 1901 – 21 June 1985) was a Swedish politician who served as Prime Minister of Sweden from 1946 to 1969. He was the leader of the Swedish Social Democratic Party and led the government for an uninterrupted tenu ...
, Erik Boheman, Olof Palme
Sven Olof Joachim Palme (; ; 30 January 1927 – 28 February 1986) was a Swedish politician and statesman who served as Prime Minister of Sweden from 1969 to 1976 and 1982 to 1986. Palme led the Swedish Social Democratic Party from 1969 until h ...
, Björn Lundvall, Kjell Olof Feldt, Gunnar Sträng
Gunnar Georg Emanuel Sträng (23 December 1906 – 7 March 1992) was a Swedish Social Democratic politician, most known for being Sweden's longest serving minister for finance.
Sträng grew up in a working-class family in Lövsta, today a part ...
, Torbjörn Fälldin, Sten Gustafsson, Björn Svedberg, Hans Werthén, Leif Johansson, Curt Nicolin
Curt René Nicolin (10 March 1921 – 8 September 2006) was a Swedish businessman. He served as the chairman of ASEA and the Swedish Employers Association.
Early life
Nicolin was born on 10 March 1921 in Stockholm, Sweden, the son of Felix Nico ...
, Carl Bildt
Nils Daniel Carl Bildt (born 15 July 1949) is a Swedish politician and diplomat who was Prime Minister of Sweden from 1991 to 1994. He was the leader of the Moderate Party from 1986 to 1999. Bildt served as Sweden's Minister for Foreign Affairs ...
, Percy Barnevik
Percy Nils Barnevik HonFREng (born 13 February 1941) is a Swedish business executive, best known as CEO and later Chairman of Asea Brown Boveri (ABB) 1988–2002, and for being the centre of a giant pension dispute that shook Sweden in 2003. H ...
, Michael Treschow
Niels Michael Aage Treschow (born April 22, 1943) is a Swedish businessman. As chairman of the board of both Unilever since 2007 and the Confederation of Swedish Enterprise, and former chairman of Ericsson, Treschow is one of the most influentia ...
, Erik Belfrage, Claes Dahlbäck, Anna Lindh
Ylva Anna Maria Lindh (19 June 1957 – 11 September 2003) was a Swedish Social Democratic politician and lawyer who served as Minister for Foreign Affairs from 1998 until her death. She was also a Member of the Riksdag (member of parliament) ...
, Leif Pagrotsky
Leif Pagrotsky (born 20 October 1951 in Gothenburg) is a Swedish politician, economist, and diplomat. He held the position of Consul General of Sweden in New York City.
Early life and education
Leif Pagrotsky grew up in the Björkekärr dist ...
, Fredrik Reinfeldt, Anders Borg
Anders Erik Borg (born 11 January 1968) is a Swedish politician who served as Minister for Finance in the Swedish government from 2006 to 2014. He is a member of the Swedish Moderate Party.
Youth and education
Borg was born in Skarpnäck, St ...
, Hans Stråberg
Hans Straberg is the Chairman of Atlas Copco and SKF. He was the President & CEO of Electrolux AB from 2002 to 2010. Straberg is also a Bilderberg participant.
Hans Stråberg, born in 1957 in Västervik, is a Swedish business leader. He was one o ...
, Carl-Henric Svanberg
Carl-Henric Svanberg (born 29 May 1952), is a Swedish businessman and current Chairman of Volvo. He was Chairman of BP for eight years, from 2010 to 2018.
Life and career
Svanberg holds a master's degree in applied physics from the Linköping ...
, Alexei Mordashov
Alexey Alexandrovich Mordashov ( rus, Алексей Александрович Мордашов; born 26 September 1965) is a Russian billionaire businessman. He is the main shareholder and chairman of Severstal, Russia's largest steel and mini ...
, Jonas Bonnier
Jonas Bonnier (born 1963) is a Swedish author who has published 8 novels. His latest work, ''The Helicopter Heist'' about the Västberga helicopter robbery, has been sold to 34 territories. It is his first attempt in the suspense novel category. ...
, Börje Ekholm
Börje Ekholm (born 1963) is a Swedish business executive who is the chief executive officer of Ericsson, and has been since January 16, 2017. Prior to his appointment, he was chief executive officer of Patricia Industries, and from 2005 to 2015 h ...
, Björn Wahlroos
Björn Arne Christer Wahlroos (born 10 October 1952 in Helsinki, Finland) is a Swedish-speaking Finn, best known as a banker, investor and the chairman of the Board in Sampo Group and UPM-Kymmene. Before switching to banking Wahlroos worked as a ...
, Håkan Bushke, Mikael Damberg
Lars Mikael Damberg (born 13 October 1971) is a Swedish politician of the Social Democratic Party. He served as Minister for Finance from 2021 to 2022. He previously served as Minister for Enterprise from October 2014 to January 2019 and as mini ...
, Magdalena Andersson, Conni Jonsson, Johanna Rosén, Annie Lööf
Annie Marie Therése Lööf (, ; born 16 July 1983) is a Swedish politician and lawyer. She has been a Member of the Riksdag, representing her home constituency of Jönköping County, since 2006, and leader of the Centre Party since 2011. Lö ...
, Danica Kragic, Ulf Kristersson
Ulf Hjalmar Ed Kristersson (born 29 December 1963) is a Swedish politician who has been serving as Prime Minister of Sweden since October 2022. He has been the leader of the Moderate Party (M) since October 2017 and a member of the Riksdag (MP ...
, Sara Mazur, Johan Rockström, Lena Hallengren.
Trilateral Commission
Members of theTrilateral Commission
The Trilateral Commission is a nongovernmental international organization aimed at fostering closer cooperation between Japan, Western Europe and North America. It was founded in July 1973 principally by American banker and philanthropist David ...
include Marcus Wallenberg Jr., Peter Wallenberg Sr., Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
and Marcus Wallenberg.
Former members of the Wallenberg sphere include former Vice President of SEB, diplomat and advisor for Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
and the Wallenbergs, Erik Belfrage, the Irish lawyer, former Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
employee, and friend of the Wallenbergs, Peter Sutherland
Peter Denis Sutherland (25 April 1946 – 7 January 2018) was an Irish businessman, barrister and Fine Gael politician who served as UN Special Representative for International Migration from 2006 to 2017. He was known for serving in a variety ...
. Current member of the Wallenberg sphere is Magnus Schöldtz.
ICC — International Chamber of Commerce
The Wallenbergs have their own room, the Wallenberg room, in the headquarters of ICC in Paris. Peter Wallenberg was Immediate Past President of the ICC in Paris. Marcus Wallenberg Jr. was a long serving chairman, and his grandson Marcus Wallenberg is the longest serving chairman in the history of ICC and is now an Honorary Chairman.European Round Table of Industrialists
Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
, CEO of Investor
An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Typ ...
and Vice Chairman of FAM, is a member of European Round Table of Industrialists The European Round Table of Industrialists, abbreviated ERT, is an advocacy group in the European Union consisting of some 50 European industrial leaders working to strengthen competitiveness in Europe. The group works at both national and Europea ...
Steering Committee, representing Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
. Other people from the Wallenberg sphere at ERT are Börje Ekholm
Börje Ekholm (born 1963) is a Swedish business executive who is the chief executive officer of Ericsson, and has been since January 16, 2017. Prior to his appointment, he was chief executive officer of Patricia Industries, and from 2005 to 2015 h ...
, CEO of Ericsson, Ulrich Spiesshofer, CEO of ABB
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ...
, Leif Johansson, CEO of Astra Zeneca
AstraZeneca plc () is a British-Swedish multinational pharmaceutical and biotechnology company with its headquarters at the Cambridge Biomedical Campus in Cambridge, England. It has a portfolio of products for major diseases in areas includin ...
, CEO of ABB
ABB Ltd. is a Swedish-Swiss multinational corporation headquartered in Zürich, Switzerland. The company was formed in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie merged to create ...
Björn Rosengren
Björn Folke Rosengren (born 14 April 1942) is a Swedish politician and advisor to the Stenbeck family.
Rosengren was born in Täby. He was active in the labour union and as a Social Democratic politician. He served as chairman of the Swedish ...
.
Former members from the Wallenberg sphere include Curt Nicolin
Curt René Nicolin (10 March 1921 – 8 September 2006) was a Swedish businessman. He served as the chairman of ASEA and the Swedish Employers Association.
Early life
Nicolin was born on 10 March 1921 in Stockholm, Sweden, the son of Felix Nico ...
, CEO of ASEA
''Allmänna Svenska Elektriska Aktiebolaget'' (English translation: General Swedish Electrical Limited Company; Swedish abbreviation: ASEA) was a Swedish industrial company.
History
ASEA was founded in 1883 by Ludvig Fredholm in Västerås a ...
, Carl-Henric Svanberg
Carl-Henric Svanberg (born 29 May 1952), is a Swedish businessman and current Chairman of Volvo. He was Chairman of BP for eight years, from 2010 to 2018.
Life and career
Svanberg holds a master's degree in applied physics from the Linköping ...
, and Pehr G. Gyllenhammar, the initiator of the group back in 1983.
Institute of International Finance
Marcus Wallenberg is Vice-Chairman and Treasurer of theInstitute of International Finance
An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body.
In some countries, institutes can ...
.
World Economic Forum
Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
was Vice-Chairman of World Economic Forum
The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...
and his cousin, Marcus Wallenberg, has been a participant.
ECGI - European Corporate Governance Institute
The Wallenberg-ownedInvestor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
sponsors ECGI.Atlantic Council
Jacob Wallenberg is a member of the International Advisory Board.Properties
Strandvägen
Strandvägen is a waterfront on Östermalm in central Stockholm, Sweden
Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEG ...
in Stockholm.
File:Strandvägen_D81_8615_%2841849782032%29.jpg, Strandvägen 27, former home of Marcus Wallenberg Sr.
File:Enskilda banken, höst.JPG, Headquarter of SEB, Stockholm
File:Arsenalsgatan 8.JPG, Headquarter of Investor AB
Investor AB is a Swedish investment and ''de facto'' conglomerate holding company. It was founded in 1916 and is still controlled by the Wallenberg family through their Foundation Asset Management company FAM. The company owns a controlling ...
Blasieholmen in Stockholm, Wallenberg family's investment conglomerate
File:0314Uppenbarelsekyrka Saltsjöbaden.jpg, Church of Revelation, Saltsjöbaden, built by Knut Agathon Wallenberg
File:Handelshögskolan, Stockholm 2018.jpg, Stockholm School of Economics, founded and owned by the Wallenbergs
File:Brevik February 2013.jpg, Brevik Estate
File:Wij herrgård, Ockelbo, 2020a.jpg, Wij Estate & Gardens
File:Tyresö, Saltsjöbaden waterfronts July 2013 - panoramio (34).jpg, Saltsjöbaden locality, founded by Knut Agathon Wallenberg
Quotes
Quotes on the Wallenbergs
Quotes by the Wallenbergs
Ancestry
Notable family members
* Marcus Wallenberg (1744–1799), priest, lector of theology ** Marcus Wallenberg (1774–1833), nephew of Jacob Wallenberg, bishop in Linköping. ***André Oscar Wallenberg
André Oscar Wallenberg (19 November 1816 – 12 January 1886) was a Swedish banker, industrialist, naval officer, newspaper tycoon, politician and a patriarch of the Wallenberg family. In 1856 Wallenberg founded the Stockholms Enskilda Bank, ...
(1816–1886), son of Marcus Wallenberg, naval officer, newspaper tycoon, banker and politician.
**** Knut Agathon Wallenberg
Knut Agathon Wallenberg (19 May 1853 – 1 June 1938) was a Swedish banker and politician, he was also a Knight of the Order of the Seraphim. Wallenberg was Minister for Foreign Affairs 1914–1917, and member of the Riksdag's ''Första kammaren ...
(1853–1938), son of André Oscar Wallenberg, banker and politician.
**** Gustaf Wallenberg (1863–1937), son of André Oscar Wallenberg, diplomat.
***** Raoul Oscar Wallenberg (1888–1912), son of Gustaf Wallenberg, naval officer.
****** Raoul Wallenberg (1912–), son of Raoul Oscar Wallenberg, diplomat.
**** Marcus Wallenberg Sr. ("Häradshövdingen") (1864–1943), son of André Oscar Wallenberg, banker, industrialist and politician.
***** Sonja Emilie Wallenberg (1891–1970), daughter of Marcus Wallenberg Sr. and Amalia Wallenberg (née Hagdahl), married to count Carl Johan Magnus Johan Björnstjerna.
****** Baroness Ulla Anna Charlotta Björnstjerna (1916-)
****** Baroness Elizabeth Helena Amalia Charlotta Björnstjerna (1917–2010)
****** Baroness Sonja Monica Charlotta Björnstjerna (1920–1955)
****** Baroness Sonja Ingeborg Charlotta Björnstjerna
***** Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
("Juju") (1892–1980), son of Marcus Wallenberg Sr., naval officer, banker, industrialist.
****** Peder Wallenberg (1935–), son of Jacob Wallenberg, architect, businessman.
******* Fredrik Wallenberg
******* Marie Wallenberg
******* Peder Wallenberg
******* Nicholas Wallenberg
******* Anna Wallenberg
******* Peder Wallenberg Jr.
******* Christopher Wallenberg
******* Alexander Wallenberg
***** Andrea Wallenberg (1894–1980), daughter of Marcus Wallenberg Sr. and Amalia Wallenberg (née Hagdahl), married to count Hakon Mörner af Morlanda
****** Countess Gunilla Bonde Mörner af Morlanda ("Grotte") (1919–1994)
****** Countess Caroline Mörner af Morlanda ("Gyllenkrok") (1922–2004)
***** Gertrud Wallenberg (1895–1983), daughter of Marcus Wallenberg Sr. and Amalia Wallenberg (née Hagdahl), married to count Ferdinand Maria Emmerich Eduard Arco auf Valley, and partner of statesman and baron Carl Gustaf Emil Mannerheim
Baron Carl Gustaf Emil Mannerheim (, ; 4 June 1867 – 27 January 1951) was a Finnish military leader and statesman. He served as the military leader of the Whites in the Finnish Civil War of 1918, as Regent of Finland (1918–1919), as comm ...
***** Ebba Wallenberg (1896–1960), daughter of Marcus Wallenberg Sr. and Amalia Wallenberg (née Hagdahl), married to count Carl Gustaf Bonde af Björnö(1872–1957)
****** Count Peder Carlsson Bonde af Björnö (1923–2013)
***** Marcus Wallenberg Jr. ("Dodde") (1899–1982), son of Marcus Wallenberg Sr., banker and industrialist.
****** Marc Wallenberg
Marc "Boy-boy" Wallenberg (28 June 1924 – 19 November 1971) was a Swedish banker and business manager. A member of the prominent Wallenberg family, Marc Wallenberg was CEO of Stockholms Enskilda Bank until his death in 1971.
Early life
Wallen ...
("Boy-Boy") (1924–1971), son of Marcus Wallenberg Jr., banker.
******* Marcus Wallenberg ("Husky") (1956–), son of Marc Wallenberg, banker and industrialist.
******** Marc Wallenberg (born 1986)
******** Elsa Wallenberg
******** Fred Wallenberg
******** Lukas Wallenberg
******* Axel Wallenberg ("Vava") (1958–2011), son of Marc Wallenberg, businessman.
******** Martina Wallenberg
****** Peter Wallenberg Sr. ("Pirre") (1926–2015), son of Marcus Wallenberg Jr., banker and industrialist.
******* Jacob Wallenberg
Jacob Wallenberg (born 13 January 1956) is a Swedish banker and industrialist, currently serving as a board member for multiple companies. ''The Guardian'' has once quoted him as the prince in Sweden's royal family of finance.
Biography
Earl ...
(1956–), son of Peter Wallenberg Sr., banker and industrialist.
******** Lovisa Wallenberg Cavalli (born 1988)
******** Jacob Wallenberg Jr. (born 1992)
******** Alice Wallenberg (born 1989)
******* Andrea Wallenberg
******* Peter Wallenberg Jr. ("Poker") (1959–), son of Peter Wallenberg Sr., businessman and racing driver.
**** Oscar Wallenberg (1872–1939), son of André Oscar Wallenberg, naval officer and businessman.
***** Carol Wallenberg (1904–1985), son of Oscar Wallenberg, businessman.
**** Axel Wallenberg (1874–1963), son of André Oscar Wallenberg, industrialist and diplomat.
***** Gustaf Wally (1905–1966), son of Axel Wallenberg, dancer, actor and theatre manager.
**** Victor Wallenberg
Victor Henry Wallenberg (12 November 1875 – 3 November 1970) was a Swedish sport shooter who competed in the 1912 Summer Olympics. In 1912 he was part of the Swedish team which finished fourth in the team clay pigeons event. In the ind ...
(1875–1970), son of André Oscar Wallenberg, sports shooter.
***** Henry Wallenberg (1908–1993), son of Victor Wallenberg, consul general in Monaco.
* Jacob Wallenberg (1746–1778), sailor, clergyman and author.
References
External links
Wallenberg Family Tree on Kindo
{{Authority control Banking families Raoul Wallenberg Swedish businesspeople Swedish families