Wallenberg family

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Wallenberg
Banking Industry
A.O. Wallenberg, 1816-86 (Uno Troili) - Nationalmuseum - 18718.tiff
André Oscar Wallenberg by Gustav Uno Troili
CountrySweden
Place of originLinköping, Lund, Stockholm
Founded1856; 167 years ago (1856)
FounderAndré Oscar Wallenberg
TitlesRoyal Order of the Seraphim
French Legion of Honour
Order of the German Eagle
Order of the British Empire
Order of the Rising Sun
Honorary citizenship of the United States
Members
Connected families
TraditionsLutheranism
Motto
Esse non videri[1]

("to act, not to seem to be")
Estate(s)
Websitewww.wallenberg.com

The Wallenberg family is a prominent Swedish family, Europe's most powerful business dynasty.[2][3][4][5] Wallenbergs are noted as bankers, industrialists, politicians, bureaucrats, diplomats and military. The Wallenberg sphere's holdings employ about 600,000 people and have sales of $154 billion a year.[6] The Wallenberg empire consists of 16 Wallenberg Foundations, Foundation Asset Management AB (FAM), Investor AB, 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.[7] By 2011, their conglomerate holding company, Investor AB, had an approximate ownership of 120 companies.[8] By 2022, the Wallenberg sphere had an approximate ownership of 330 companies.[9][10][11] In 2015, the family still owned a third of Sweden’s entire stock exchange.[12]

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; 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.;[13] global leader in smart technologies and complete lifecycle solutions for marine and energy markets Wärtsilä; world's second-largest appliance maker Electrolux; one of the world's largest power, automation and robotics multinationals ABB; one of Europe's largest aerospace and arms manufacturers SAAB; Scandinavian airliner SAS Group; world's largest ball-bearing company SKF; manufacturer of compressors, vacuum and air treatment systems, construction equipment, power tools and assembly systems Atlas Copco; Europe's fourth largest pharmaceutical multinational AstraZeneca;[14] outdoor power products, consumer watering products, cutting equipment and diamond tools manufacturer Husqvarna; Sobi; mining and infrastructure business company Epiroc; investment conglomerate Investor AB; the Grand Group hotel; world's largest supplier of powdered metal Höganäs AB; 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,[15] Saab Automobile, and Alfa Laval.

Wallenbergs, through the Knut and Alice Wallenberg Foundation, allocate annually SEK 2 billion to science and research, which makes the Knut and Alice Wallenberg Foundation 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, 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.[16]

Early History[edit]

An image of Marcus Wallenberg onboard the Swedish East Indiaman Finland smoking a pipe.
Raoul Wallenberg Memorial Statue, Great Cumberland Place, London

The earliest known member patrilineally of the Wallenberg family is maintaining farmer Per Hansson (1670–1741) of Herseberga farm in the parish of Skärskind outside Linköping in Östergötland[17], who, in 1692, married Kerstin Jacobsdotter Schuut (1671–1752). The couple had three sons; one of the sons, Anders, a vicar, adopted the name Hertzman, and became the progenitor of the Hertzman family, whereas their other two sons, the county sherrifs Jacob and Hans, adopted the name Wallberg. Jacob Wallberg married twice, first Märta Christina Kiuhlman, daughter of inspector Erik Kiuhlman, and then Anna Kristina Tillberg, daughter of vicar Marcus Joannis Tillberg. The children of the second marriage adopted the surname Wallenberg.[18][19] The eldest son of his second marriage was the lector of theology and vicar of Slaka parish, Marcus Wallenberg. His younger brother, Jacob Wallenberg, was a naval chaplain of the Swedish East India Company, and author of the Swedish classic, a travelogue My Son on the Galley, original title Min son på galejan.[20]

The first economist was my grandfather, André Oscar Wallenberg. He was the son of the bishop. My father, Marcus Wallenberg Sr., used to say that the early Wallenbergs had no immediate financial aptitude. Rather, the financial aptitudes, as my father used to say, quite jokingly, whenever the marseillaise was played that, "the marseillaise was the reason I became a banker". People, then, wondered upon hearing that. He, then, explained, that his grandfather, the bishop, was a theology student in Uppsala in the 1790s, and a member of a musical quartet, ―he played the violin cello―, and on a Walpurgis night he had played the marseillaise and was therefore expelled, because Gustaf IV Adolf had declared the marseillaise lèse-majesté. He therefore moved to Lund where he met a girl, of the Barfoth family, daughter of professor Barfoth and his wife, born Bager, who was a member of the famous merchant family Bager of Malmö. He therefore used to say that the financial aptitude, if we have one, originates from there.

— Marcus Wallenberg Jr., On Lennart Hyland, Swedish Television, 1980[21]

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 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 and Elsa Maria Bager, of the famous merchant family Bager of Malmö. In 1802, he became a notary public in Linköping, and in 1805, an associate professor of 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.[22] He was also one of the initiators behind one of the masonic lodges in Linköping and later became its Grand Master.[23][24]

André Oscar Wallenberg, the founder of the banking dynasty[edit]

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 in Karlskrona 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 and served as commander of Sweden's first propeller ship Linköping. Four years later, he accompanied the Oxehufvudian expedition to South America. However, due to the fact that the expedition was poorly led, he left it 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.

Wallenberg Mausoleum

In 1850, Wallenberg was commanded to Sundsvall as first lieutenant and head of a boatman company. He swore the Burgess Oath in Sundsvall and became a Burgess of Sundsvall. 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 Skönvik Sawmill AB, and later a cornerstone of SCA (company). In 1858, Wallenberg and Bünsow also founded the city's first brewery, Sundsvall Brewery. Wallenberg also represented the city as a Member of Parliament.

Wallenberg Mausoleum

Wealth is his banner. Profit is his watchword. He has not an ounce of patriotism. For him, his own gain is everything!

— Director of Rörstrand factory and author Gustaf Holdo Stråle af Ekna on André Oscar Wallenberg

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 participated in the establishment of the Filialbanken in Sundsvall and Hudiksvall and became its first manager. In 1856, he founded Stockholms Enskilda Bank at Lilla Nygatan 23 in the Old Quarters of Stockholm, 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―, a comparatively high deposit rate, which led to an increase in the deposit, depreciation and amortisation business ― 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 1861, he founded Stockholms Hypotekskassa, Stockholm's mortgage bank. In 1863, he participated in founding Skandinaviska kreditaktiebolaget with Oscar Ekman, Oscar Dickson, Olof Wijk the Younger and the Dane Carl Frederik Tietgen (which later would become Skandinaviska Banken in 1937 and finally merged with Wallenbergs' Stockholms Enskilda Bank in 1972), and in 1867, he was Sweden's representative at the International Monetary Conference in Paris, at which conference he was introduced to Napoleon III and befriended people in the political and financial circles of France, and afterwards maintained close relations with them, among others, Félix Esquirou de Parieu, Eugène Rouher, Lionel de Moustier, Michel Chevalier, Léon Say, Pierre Paul Leroy-Beaulieu.[25]

Internationally, he was well-connected and established a network with bankers in foreign countries which proved faithful later in life when the public opinion of him in Sweden was very negative. He often visited his foreign friends during his travels to France, Germany and United Kingdom; in Paris, he met with the banking firms Mallet Frères et Cie and Crédit Lyonnais, in London, with the German-Danish-British banking firms Frederick Huth & Co, C. J. Hambro &. Son and Frühling & Göschen, and in Hamburg, with Joh. Berenberg, Gossler & Co.[26]

He was also a member of several national committees, including the committee regarding proposals for laws of prospecting, the committe on constitutions concerning weights and measures (which introduced the meter system), the banking committee, the committee on laws concerning companies, and a chairman of Stockholm's trade and shipping board. In addition to the modernisation of banking legislation, Wallenberg contributed to the increased rights for women, among other things, by being the first in Europe to allow women to work in banks (see Alida Rossander), and allow women to open their own bank accounts.

Wallenberg Mausoleum, Lovön, resting place of André Oscar Wallenberg, his wife Anna, son Marcus Laurentius and his wife Amalia, and great-grandson Marc Wallenberg, inter alia.

A.O., which he is called in the family, also became involved in many industries, including Atlas Diesel (which later would become Atlas Copco), Hofors AB, several railway companies such as Gefle-Dala järnväg, Bergslagernas järnväg, shipping companies, breweries such as Münchenbryggeriet. He was a co-owner of Bore newspaper, and provided both pecuniary support and articles for Stockholmsposten. He wrote articles on economic issues on a weekly basis for Aftonbladet.

It is in bad times profitable business is done.

André Oscar Wallenberg, in a letter in 1879

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 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[edit]

Knut Agathon Wallenberg[edit]

Knut Agathon Wallenberg, like his father André Oscar Wallenberg, 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. Upon his father's death in 1886, Knut Agathon became President of Stockholms Enskilda Bank. This took place at the same time as an intensive investment period in Swedish business began. During this time, Stockholms Enskilda Bank 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 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.

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, Stockholm City Hall, Stockholm City Library, Swedish Maritime History Museum and the Swedish Institute in Rome. He was also the initiator and driving force behind the development of the community Saltsjöbaden, its residential town, railway, Grand Hotel Saltsjöbaden, the Church of Revelation where he and his wife Alice are buried in a sarcophagus, and the Observatory.

Grand Hotel Saltsjöbaden built by Knut Agathon Wallenberg and host of three Bilderberg meetings

In 1903, following a proposal from businessmen in the Swedish business community, Knut Agathon Wallenberg 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 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 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. He also made large donations to finance the university's new main building at Sveavägen 65 in Stockholm.

British Bank of Northern Commerce was founded in February 1912 by Knut Agathon Wallenberg and Emil Glückstadt 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 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.[27] In June 1919 the bank offered the chairmanship of its board to John Maynard Keynes 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.[28] 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.

He was chairman of the board of directors of the pension company Alecta between 1916 and 1938.

In 1938, Knut Agathon Wallenberg died. His wife, Alice, and he, had no issue, apart from an adopted daughter, Jeanne, born out of wedlock to Jean Karadja Pasha, and thus half-sister to Constantin Karadja, and chose to bequeath his enormous fortune to the already formed Knut and Alice Wallenberg Foundation.

Marcus Wallenberg Sr.[edit]

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 chairman of the board.[citation needed]

I see my investments in a company as my children and I am not inclined to want to see them in the hands of others.

Marcus Wallenberg Sr.[29]

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, banks and institutes. 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 AB, and of Wifstavarfs AB. He founded, together with Sam Eyde and Kristian Birkeland, Norsk Hydro,[30] and not the least, saved ASEA (ABB) from bankruptcy. He was the main representative in Sweden of the modern pursuit of industry concentration under the leadership of the major banks. Last but not least, founded the Federation of Swedish Industries.

In addition to this, had an active career on the world stage, as an active member of many international 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. 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. Wallenberg participated in leading positions in the implementation of the Dawes Plan. 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 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, 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 tribunal at Wallenbergs' Enskilda Bank in Stockholm. Sitting from left to right: Franz Urbig, Marcus Wallenberg Sr. and Thomas H. McKittrick. Standing from left to right: R. Calissendorff, W. Jordan, G. Lachlan

Marcus Wallenberg Sr. sat on the Credits Arbitration Committee with Thomas H. McKittrick and Franz Urbig,[31] 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, 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,

During the three years I have been in Basel, your method of approaching international problems, of which I gained some understanding during our work together in Berlin, has helped me more than I can tell you in dealing with the intricate and delicate questions which have presented themselves to the Bank for International Settlements by reason of changes wrought by the war. The thought of following in your footsteps will provide spur to my will and a goal for my ambition.

— Thomas H. McKittrick, in a letter to Marcus Wallenberg Sr. in 1943

[32]

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.[33]

According to the former SVT journalist and authority on Ivar Kreuger, Nikola Majstrovic, in his book, the Truth Behind the Kreuger Crash, Marcus Wallenberg Sr. and the banker J. P. Morgan Jr. paid Josef Stalin to orchestrate the assassination of Ivar Kreuger.[34]

Gustaf Oscar Wallenberg[edit]

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, managed the ferry traffic between Trelleborg in Sweden and Sassnitz in Germany, and was active on the trade and shipping committee to increase the shipping industry, and, in particular, worked to establish 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 between Sweden and Norway, there was a question of reorganising Sweden's diplomacy, Wallenberg was used for this tasks, and in 1906 was appointed envoy to Tokyo, and in 1907, 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. In 1908, Wallenberg concluded a Treaty of Friendship, Trade and Shipping with the Chinese Qing Court. The Treaty reaffirmed the extensive privileges Sweden had secured with the Treaty of Canton. Wallenberg's return 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, only to 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 to whom she became secretly engaged in 1917[35] Dardel was told by her family that he "dithed not meet the requirements to be married into the Wallenberg family".[36] 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 forget her romance.[37]

Mid 20th century — 3rd generation Wallenbergs[edit]

the Epoch of Jacob Wallenberg[edit]

Jacob Wallenberg (1892-1980)

Jacob Wallenberg (1892–1980), 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[edit]

During World War II, the Wallenberg-owned bank, Stockholms Enskilda Bank, collaborated with the German government, and assisted Nazi-Germany in a variety of ways. Stockholms Enskilda Bank 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.[38] 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, supplied the German military with ball-bearing, and had a monopoly on it in Europe. SKF'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.[39] SKF actively worked to cut off the supply of ball-bearings to the defense industry in the USA and instead supplied products from its American factories to Nazi Germany through subsidiaries in South America.[40]

The logo of ASEA (today ABB) used by the company from the late 19th century until 1933. The logo was removed to avoid association with Nazi-Germany.

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 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 from 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.[41] Wallenberg-owned Stockholms Superfosfat Fabriks AB (today AkzoNobel), shortened Fosfatbolaget, delivered heavy water from their plant in Ljungaverk, Sweden, to the Nazi-Germany nuclear weapons program and the Manhattan project.[42]

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.[43]

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.[38] 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. 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,.[44] The Dulles brothers were friends of the Wallenberg family.[45][46]

Björn Lundvall, President of Ericsson, and Marcus Wallenberg at the island of Armnö, in 1970

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.[47][48]

Marcus Wallenberg Jr., Curt Nicolin and Åke Vrethem in an airplane over the Andes

Post-war Period ― the Epoch of Marcus Wallenberg Jr.[edit]

Bilderberg Steering Committee Meeting 1972, at which Marcus Wallenberg Jr. was one of the attendees

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.[49] He was involved in everything from civil aviation, military aviation, nuclear power, telecommunication, computer industry, appliances, mining, forestry, banking sector, steel industry, bearing, cars and trucks. In a speech held in Falun in 1954, in which he laid out his visions, he spoke of 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, radiation sterilisation of fresh produce, synthetic materials and medicines.[50]

Marcus Wallenberg Jr. in a discussion at the International Chamber of Commerce (ICC) headquarters, in Paris in 1981

By the time of the anniversary celebration in 1956, Marcus Wallenberg Jr. presided on 15 company boards and in addition had 15 other assignments. In time, he would double those and emerge as one of the most powerful and industrious industrial and banking princes a European country has ever had. In order to find Marcus "Dodde's" Wallenberg Jr's equal, one has to go back to some family head in dynasties such as Medici or Fugger.

— Ronald Fagerfjäll, Den förlorade sonens återkomst – Peter Wallenberg 1926–2015

In the late 50s, Marcus Wallenberg Jr. was active on sixty company boards.

Late 20th century — 4th generation Wallenbergs[edit]

The two sons of Marcus Wallenberg Jr., Marc and Peter, joined the Wallenberg sphere in 1953. The mother of the two, as well as their sister, Ann-Mari, was the Scotswoman, Dorothy Mackay, daughter of the Dundee based businessman Alexander Mackay of Glencruitten (1856-1937), chairman and director of, among other companies, the Matador Land and Cattle Company, Shell Oil Corporation, The Anglo-Egyptian Oil Company, Toreador Royalties, Mackay Estates,[51] and his wife Edith Helen Burns. The marriage ended after four years, and as a consequence, 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.[52]

The eldest son and heir apparent, Marc Wallenberg, became a deputy CEO at Stockholms Enskilda Bank the same year, and upon his uncle's, Jacob Wallenberg, resignation, a CEO in 1958. 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, against his father's will, turned down the offer, instead entering the industry and the Wallenberg-owned Atlas Copco, spending significant time abroad in South Africa, US and UK.

Marc Wallenberg studied at Harvard Business School and practiced in Geneva, at Crédit Lyonnais and Paribas in Paris, Hambros in London and in New York, at Morgan Stanley, National City (Citibank) 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.[53]

Marcus Wallenberg Jr. pushed through a merger agreement between Stockholms Enskilda Bank and rival Skandinaviska Banken 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, having been under much pressure from both his stern father, Marcus Wallenberg Jr., who used to box his ears in front of others,[54] 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.[55]

Marcus Wallenberg Jr. and his younger son Peter Wallenberg Sr., focused their interests on the family's investment companies, Investor 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 and promoting younger CEO and other management.

In 1970s, Peter Wallenberg established contact with top of the Chinese Communist Party. Peter was a close friend of Jiang Zemin,[56] who visited Sweden.[57] Peter had also close contact with Hu Jintao who, like Zemin, visited Sweden. Peter hosted a dinner for Hu Jintao.[58]

After World War II, the Wallenbergs continued as usual thanks to the support from their lawyer, later Secretary of State John Foster Dulles, and their representative in the United States, Deputy Secretary of State Robert A. Lovett. Sweden's aristocratic and military elite abandoned its historical German ties for a pro-U.S. stand, whereas the Social-Democratic government officially kept the Swedish West-leaning policy of neutrality, which enjoyed popular support. After the war Marcus Wallenberg Jr. was the "liaison" for the Swedish Chief of Defence General Nils Svedlund and senior U.S. officers. General Svedlund met U.S. State Secretary John Foster Dulles at the home of Wallenberg (Villa Täcka Udden). After the war, the Wallenberg brothers kept their liaison with the Dulles brothers (also with Allan Dulles as Director of the CIA). Similarly in the 1980s, Peter Wallenberg Sr., Marcus's son and successor as head of the Wallenberg empire, acted as a "liaison" between Sweden's Chief of Defense General Lennart Ljung and the U.S. leadership (including Henry Kissinger and George H. W. Bush.). A significant segment of the aristocratic military and industrial elite appeared as an informal network of power with its own loyalties and international ties distinct from the elected government with the ruling Social-Democratic political elite. Here we may find the historical roots of the Swedish dual state.

— Eric Wilson, The Dual State, Parapolitics, Carl Schmitt, and the National Security Complex

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. Yet Peter Wallenberg Sr. rose to the challenge, guiding Investor and Sweden's industry into a new era.

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.[59]

In 1983, a delegation consisting of Peter Wallenberg Sr. and the Wallenberg CEOs Curt Nicolin of ASEA (ABB) and Hans Werthén of Electrolux, met with Minister of Finance Donald Regan on the issue of world trade, restrictions on steel, etc. It was reported that the Minister of Finance was optimistic. The Americans raised the issue of the difficulty for foreign banks to establish themselves in Sweden. The restrictions annoyed the Americans.[60]

In September 1987, Prime Minister Ingvar Carlsson officially visited President Ronald Reagan. The visit began with a welcome ceremony and ended with festive dinner in the White House. Ingvar Carlsson had avoided to include industrial directors in his official delegation which instead consisted of one opera singer, Birgitta Svendén, a Nobel laureate, Bengt Samuelsson, and tennis player Björn Borg. But guests at the dinner in the White House were both Peter Wallenberg Sr. and P.G. Gyllenhammar. Ingvar Carlsson said much later that he did not know how they had got on the guest list.[61][62]

In 1993, George Bush Sr. was on an unofficial visit to Sweden to meet Peter Wallenberg at his Brevik estate at Värmdö in Stockholm. [63]

He could have rested on the extraordinary laurels of his family, but he chose to build and create. He is a man of enormous competence and dimension.

[64]

Peter Wallenberg Sr. stepped down from leadership of Investor in 1997.

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 to meet representatives of the Wallenberg family.[65] Soros' Quantum Group of Funds had give-up accounts at Skandinaviska Enskilda Banken.[66] The Wallenbergs were the main backers of George Soros' Quantum Group of Funds.

The Wallenberg-owned ABB 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.[67]

Early 21st century — 5th generation Wallenbergs[edit]

In 2006, the fifth generation took over the Wallenberg sphere. Marcus Wallenberg, son of Marc Wallenberg, Jacob Wallenberg and Peter Wallenberg Jr. sons of Peter Wallenberg Sr.

Marcus Wallenberg and a business delegation to India to meet Prime Minister Modi

In May 2006, Wallenbergs' bank SEB arranged a meeting in Stockholm together with World Economic Forum where experts and policymakers discussed the financial instabilities and the reformation of IMF and World Bank. The hosts were President Marcus Wallenberg and CEO Annika Falkengren.[68]

In 2016, Jacob Wallenberg was one of the guests at the Nordic state dinner at the White House.[69]

In March 2018, Jacob Wallenberg and Marcus Wallenberg, along with Swedish Prime Minister Stefan Löfven, Mikael Damberg, and CEOs of the Wallenberg sphere, Börje Ekholm of Ericsson, Håkan Buskhe of SAAB, Pascal Soriot of Astra Zeneca visited President Donald Trump in the White House. Afterwards Marcus Wallenberg described Trump as being "very inquisitive and curious". Wallenberg commented, "Trump mostly asked us questions about how we looked at doing business in the US and how we looked at the future."[70]

In 2018, Knut and Alice Wallenberg Foundation decided to grant Wallenberg Centre for Quantum Technology, WACQT, at Chalmers University in Gothenburg, SEK 1.2bn to develop a quantum computer.[71]

In 2018, Wallenbergs announced that, they will invest in Symposium, the company behind the annual Brilliant Minds Conference in Stockholm, founded by the founder of Spotify, Daniel Ek, and manager of Avicii, Ash Pournouri, with the intention to build a creative Davos. Marcus Wallenberg commented that, "Daniel Ek wants to put Sweden on the map in this new world and in the new economy. This is not about a family or an entrepreneur - it's about Sweden."[72][73] In June, 2019, the Wallenbergs hosted a party at their Villa Täcka Udden, Stockholm, in connection to the annual Brilliant Minds Conference. The conference was hosted by the Wallenbergs at their Grand Hotel Stockholm. One of the guests at the after party at Villa Täcka Udden was former President Barack Obama.[74]

In 2021, the Berzelius supercomputer for artificial intelligence, developed by Linköping University with donations of SEK 300 million from Knut and Alice Wallenberg Foundation, was installed. The researchers who will primarily work with the supercomputer are associated with the research programmes funded by the Knut and Alice Wallenberg Foundation, such as the Wallenberg AI Autonomous Systems and Software Program,[75] WASP.[76]

In late February 2022, it was reported in the media that, Wallenberg-owned Ericsson had bribed the terror organisation ISIL in Iraq.[77]

President Barack Obama in Stockholm, 2013. Jacob Wallenberg in the background.
Jacob Wallenberg at the Nobel Banquet in Stockholm City Hall, 2022.

In late March, 2022, it became known that technology and equipment from Wallenberg-owned Atlas Copco and SKF had been sold to twelve of the Russian state's nuclear weapons manufacturers.[78]

In April, 2022, Jacob Wallenberg participated in a secret meeting in Helsinki, Finland, with Swedish Minister of Finance Mikael Damberg and the President of Finland, Sauli Niinistö and high military officers, on the issue of NATO membership.[79]

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.[80]

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 to Netherlands.[81]

Media reported in November, 2022, that, the Wallenberg family played a central role when Prime Minister Ulf Kristersson 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.[82][83]

Modern business[edit]

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").[84] Marcus Wallenberg Sr. adopted this motto when he became a Knight and Commander of the Royal Order of the Seraphim in 1931.[85]

Kista Science City, known as Silicon Valley of Europe, the largest Information and Communications Technology (ICT) cluster in Europe, and the world's second largest cluster after Silicon Valley in California, and home to Wallenberg-owned Ericsson Group and ABB Group as well as the Swedish branch of IBM

The Wallenberg 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, or Foundation Asset Management (FAM), have the controlling interest. In 1916, new legislation made it more difficult for banks to own shares in industrial companies on a long-term basis. Investor was therefore formed as an investment part of Stockholms Enskilda Bank.

Take the Wallenbergs', Sweden's first business family. They made their start in banking, with the Stockholm Enskilda Bank, founded in 1856 by André Oscar Wallenberg. From there they moved out into industry, founding or acquiring an array of the leading multinationals in their country: ASEA (ABB), Electrolux, Ericsson, Saab-Scania, SKF, Stora (Stora Enso). At the end of the 20th century, these firms made up some 40 percent of Sweden's capitalization on the exchange. The Wallenbergs' would not necessarily hold a large part of the stock of these firms, but typically they held most of the votes because they knew how to lend. For the British review the Economist, the Wallenbergs' are the outstanding European industrial dynasty, five generations of highly successful entrepreneurs. For their family historian David Bartal, they are a Japanese-style family, Europe's most powerful of its kind, more discreet than the Agnellis' and richer than the Rothschilds'. Add up the sales of all the companies in the Wallenberg empire at the close of the 20th century, and you will find that one had more than ninety billion dollars a year, ahead of British Petroleum, IBM or General Electrics. It was then Europe's largest private-sector employer by sales after Shell. But look for "Wallenberg Inc." you would be disappointed. Discretion above all.

— David S. Landes, Dynasties: Fortunes and Misfortunes, of the World's Great Family Businesses

Investor[edit]

Wallenbergs' investment conglomerate Investor AB has the controlling interest of the multinationals Atlas Copco, ABB, AstraZeneca, Skandinaviska Enskilda Banken, Epiroc, Ericsson, Nasdaq, Inc., Swedish Orphan Biovitrum, Husqvarna Group, Saab Group, Electrolux, Wärtsilä, Electrolux Professional.[86]

Patricia Industries[edit]

Additionally, Investor AB, has controlling interest of Patricia Industries, which has controlling interest of Mölnlycke Health Care, Laborie, leading provider of complex rehabilitation wheelchairs in the world Permobil, Sarnova, Piab, Advanced Instruments, BraunAbility, AtlasAntibodies, Vectura, 3 (company).[87]

EQT Partners[edit]

Investor AB 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, Acuon Capital, Aelin Therapeutics, AGS Health, AIG Hospitals, Allee Center, AM-PHarma, Amolyt Pharma, Anticimex, 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, 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, Mollie, Molslinjen, 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, 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.[10]

The subsidiary of EQT Partners, EQT Ventures, has ownership of Oden Technologies, Holidu, Risk Methods, Min Doktor, Wolt, 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, 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, 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.[88]

FAM[edit]

FAM, Foundation Asset Management, has controlling interest of world's largest manufacturer of bearing and seal SKF, 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 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, 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, Moving Floor, developer of hardware solutions for quantum computing Seeqc, investment firm for early-stage companies 82an Invest.[89]

Organisations[edit]

Bilderberg Group[edit]

The Wallenbergs were instrumental in its creation and are members of the Steering Committee of Bilderberg Group 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 hosted the meeting thrice, in 1962, 1973 and 1984.[90] 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 to his death. His grandson Marcus Wallenberg has attended it eight times, as a member of the Steering Committee, and his other grandson, Jacob Wallenberg, seventeen times, as a member of the Steering Committee.

The Wallenbergs have invited among others Herbert Tingsten, Per Jacobsson, Tage Erlander, Erik Boheman, Olof Palme, Björn Lundvall, Kjell Olof Feldt, Gunnar Sträng, Torbjörn Fälldin, Sten Gustafsson, Björn Svedberg, Hans Werthén, Leif Johansson (businessman), Curt Nicolin, Carl Bildt, Percy Barnevik, Michael Treschow, Erik Belfrage, Claes Dahlbäck, Anna Lindh, Leif Pagrotsky, Fredrik Reinfeldt, Anders Borg, Nils Svensson, Hugo Lindgren, Hans Stråberg, Carl-Henric Svanberg, Alexei Mordashov, Jonas Bonnier, Börje Ekholm, Björn Wahlroos, Håkan Buskhe, Mikael Damberg,[91] Magdalena Andersson, Conni Jonsson, Johanna Rosén, Annie Lööf, Danica Kragic,[92] Ulf Kristersson, Sara Mazur, Johan Rockström, Lena Hallengren.[93]

Trilateral Commission[edit]

Members of the Trilateral Commission include Marcus Wallenberg Jr., Peter Wallenberg Sr., Jacob Wallenberg and Marcus Wallenberg.[94]

Former members of the Wallenberg sphere include former Vice President of SEB, diplomat and advisor for Investor AB and the Wallenbergs, Erik Belfrage, the Irish lawyer, former Investor AB employee, and friend of the Wallenbergs, Peter Sutherland. Current member of the Wallenberg sphere is Magnus Schöldtz.[95] Swedish former Prime Minister Carl Bildt and Annie Lööf have been invited, the former is a standing member.

The European Meeting of the Trilateral Commission in 2019 was held at Wallenbergs' Grand Hotel.[96]

ICC — International Chamber of Commerce[edit]

The Wallenbergs have their own room, the Wallenberg room, in the headquarters of ICC in Paris.[97]

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.[98][99]

The international ICC Congress in 1984 was held in Stockholm. The social program included a council dinner in the mirror hall at Wallenbergs Stockholm Grand Hotel. The closing part consisted of an air show "Swedish Technology in the air" and a gastronomic odyssey through Sweden, served in all of the banquet halls at the Grand Hotel. Keynote speaker at the opening session was Henry Ford II. At the closing session, Peter Wallenberg Sr., in his capacity as Chairman of the Drafting Committee, presented a number of conclusions, summarising the main conclusions of the Congress sessions, in particular, recommending to the Congress that a) business, government and trade unions jointly develop a "tripartite strategy" to create employment, b) the business community bring an end to its demands regarding the threatened industries, as protectionism is one of the major obstacles to productive new investment, which in turn leads to increased employment, c) the business community, governments and torch-bearing organisations invest more in education and retraining projects, which can promote the adaptation to new forms of production and conditions, d) the companies review the internal information channels and systems so that they are adapted to the needs for increased and improved information that arise in connection with extensive restructuring and adaptation plans, and e) the representatives of business become more active in public opinion formation and thus contribute to creating a better factual basis for a balanced debate.[100]

European Round Table of Industrialists[edit]

Jacob Wallenberg, CEO of Investor and Vice Chairman of FAM, is a member of European Round Table of Industrialists Steering Committee,[101] representing Investor AB. Other people from the Wallenberg sphere at ERT are Börje Ekholm, CEO of Ericsson, Ulrich Spiesshofer, CEO of ABB, Leif Johansson, CEO of Astra Zeneca, CEO of ABB Björn Rosengren.

Former members from the Wallenberg sphere include Curt Nicolin, CEO of ASEA, Carl-Henric Svanberg, and Pehr G. Gyllenhammar, the initiator of the group back in 1983.

Institute of International Finance[edit]

Marcus Wallenberg is Vice-Chairman and Treasurer of the Institute of International Finance.[98][99]

World Economic Forum[edit]

Jacob Wallenberg was Vice-Chairman of World Economic Forum[98] and his cousin, Marcus Wallenberg, has been a participant.

ECGI - European Corporate Governance Institute[edit]

The Wallenberg-owned Investor AB sponsors ECGI.[102]

Atlantic Council[edit]

Jacob Wallenberg is a member of the International Advisory Board.[103]

Properties[edit]

Quotes[edit]

Quotes on the Wallenbergs[edit]

Sven Hagströmer asked me if I wanted to join Investor AB at their office in New York. I answered rather stammeringly. This was a dream job. Before being hired, I would be interrogated by old Jacob Wallenberg, who was Chairman of Investor AB and Providentia. He was 80 years old at that time, sitting with dentures in a glass in front of him in the office when I was brought in by the strict caretaker. He looked nice. He spoke about the New York Stock Exchange, which he had traded on as early as the 1920s. Eventually, we got into oil stocks and the new oil discoveries they had found in northern Alaska. Jacob had a large globe in the window that he approached. "Come, boy, I'll show you where the oil wells are." My mother had said that the Wallenbergs did not hire anyone with unpolished shoes, so I had hidden my feet under the chair where I was sitting. When I got up to go to the globe, I got stuck and fell flat on the carpet. "Are you looking for oil, boy?" Jacob Wallenberg said. That was the only question I got during the interrogation.

— Claes Dahlbäck, on Jacob Wallenberg (1892–1980), Summer in P1, Swedish Radio

[107]

I had been given a small equity portfolio to manage and would report directly to old Jacob Wallenberg with Telex once a month. Eventually, I learned that all the fine analyses with buy recommendations from the brokerage firms were pretty useless. The recommendations had always leaked out in advance and when the analyses came, the shares had already gone up; it was much better to have a beer at Harry's bar at Hanover square where the best stock traders met. There I learned a lot about the stock market and got a good feel for which stocks to buy. Old Jacob Wallenberg used to come to New York for a couple of weeks in January every year and those were exciting days. "Do you want to have dinner with me tonight?" he asked, "for all my friends are dead." We used to go to his favourite restaurant, La Caravelle (New York City), and when he paid, he always picked up a roll of money with a rubber band around it from his pocket. During these dinners, Jacob told me about New York in the 1920s, when he and the young Rockefeller learned to dance fox trot with each other after work because they were not allowed to dance with the secretaries. Or when he and young Morgan dragged a horse that looked frozen into the bar at Hotel Plaza but got stuck in the revolving door. But above all, he told me about stock deals he had done during the decades. What a school for a young trader! Jacob Wallenberg is the most skilled trader I have met, in the same class as today's great guru Warren Buffett in the US. Jacob had a knowledgeable economic understanding of macro economics, with money supply, interest rates and currencies, paired with the analyst's detailed knowledge of the companies. He knew exactly how many oil deposits Exxon had or how many restaurants Howard Johnson operated. Added to that, an incredible sense of timing.

— Claes Dahlbäck, on Jacob Wallenberg (1892–1980), Summer in P1, Swedish Radio

[108]

Investor's boss, Carl de Geer, was a very active and charming man with a lot of iron in the fire. Since he was short of time, he asked me to go up to old Jacob Wallenberg on Friday afternoons and report on the week's business. This was for me one of the highlights of the week where JW, as we called him, often held a monologue and told me what had happened on the markets around the world. I continued to do so even after Carl de Geer had passed away so tragically in the spring of 1978. One Friday afternoon in April, just before Investor's Annual General Meeting, JW said to me: "Yes, Claes, the clock has struck." I said, "what happened?" He replied, "Today the "Monk" came into my room." Jacob was referring to Hans Munck af Rosenschiöld, who was one of his brother's, Marcus, confidants. Jacob said, "my brother thinks I'm too old to be a Chairman and wants to take over. I'm 86 so there's something to it. He's only 79, a pure child. But you should know, he knows nothing about stocks! So teach him!" A few weeks later, the day before Investor's general meeting, I was summoned to Marcus Wallenberg Jr., commonly called MW, at the representation villa Täcka Udden at Djurgården in Stockholm. I had met MW a few times before over the years, did not really know him, just had a lot of respect. "My brother says you're good. And the "monk" agrees. I see you've worked in New York. What was the Dow Jones index yesterday?" "830", I said. "Well, then we try with you as CEO, but remember that I make the decisions." I thought to myself, "these brothers do not ask many questions."

— Claes Dahlbäck, on Jacob Wallenberg (1892–1980) and Marcus Wallenberg Jr., Summer in P1, Swedish Radio

[108]

Marcus Wallenberg Jr. worked around the clock. He is said to have slept only four hours a night and could call at any time, preferably in the middle of the night. He was fantastically dynamic with an energy that could move mountains. Knowledgeable, experienced and cunning. He was incredibly curious about everything and had an immense interest in technology and innovations. He put constant pressure on his employees, we called it the MW pressure, which would always be on the cutting edge. This sometimes included insults without really understanding why. MW used to call me at any time and ask about Investor's equity portfolio. How many shares we had, when they were bought, etc. Since many of the holdings were old, often from the 1920s and bought for a few pennies, I could not understand the interest. But it was probably part of the MW pressure, that one should always be prepared. Eventually, I learned to handle this with cheat sheets in my pockets. After a few years, MW and I became really good friends and he often asked me to accompany him at short notice on his travels, mostly to New York. MW was incredibly influential. He knew people all over the world, could call anyone. On the trips, he booked the meetings when we arrived. In New York for example, we had meetings with bankers, industrialists and politicians; Henry Kissinger, Walter Wriston, who was head of Citibank and later Minister of Finance, or one of Rockefellers. They always made room for MW in their calendars when we got there and received us with incredible kindness.

— Claes Dahlbäck, on Marcus Wallenberg Jr., Summer in P1, Swedish Radio

[109]

Marcus "Dodde" Wallenberg is the Wallenberg who receives most praise from those who knew him; people apostrophe his charm, his ingenuity, his negotiation skills and his ability to solve problems. Some want to describe him as the foremost financier of this century. But there is a terrifying dark side. He has also been described as one who played the role of an American Marine Corps sergeant, whose main task is to kill the soldiers' personalities in order to then be able to shape them as he pleases. He often launched verbal attacks on the employees. "He was hard as stone," an employee said. He ruled by instilling fear. Sven Fagerberg portrayed him as a boss, always escorted by his torpedoes. But the quality of the business leaders who passed revue in the Wallenberg sphere during Marcus Wallenberg Jr.'s time was impressive nonetheless. He also established norms in the group that will survive him for decades.

I think the ICC, which the Wallenberg family have done so much to build, is really, I would say, the voice of global business.

— Victor Fung, on the Wallenbergs and their role in ICC

Quotes by the Wallenbergs[edit]

No business is so bad that it cannot be put back on its feet with the right leadership, but no business is so good that it cannot be destroyed by a bad leader.

To move from the old to what is about to come is the only tradition worth keeping.

— Marcus Wallenberg Jr., in a letter to his brother Jacob Wallenberg (1892-1980) in 1946 in an attempt to convince him to leave the family's interests in the railroad industry and focus instead on founding the airline SAS Group.

The Swedes have a very special entrepreneurial disposition. The Vikings were the same. We have limitless commerce in our blood. If we just take hold of all this power that lies within us, then we have every chance to take the next step in development.

[110]

We have clear rules in the family. If they don't have the skills, if they don't behave, they leave. There is nothing that automatically gives you a leadership position just because you are born into the family.

— Peter Wallenberg Sr., Aftonbladet, May 1985, in an interview about the future prospects of the son Jacob and nephew Marcus.

Power? The word has a very negative connotation. We call it responsibility.

— Peter Wallenberg Sr., Svenska Dagbladet, SvD, 1998

[111]

We ought not to have an editor-in-chief who does not know how to teach the journalists which hand that feeds them.

— Peter Wallenberg Sr., who through Investor is the main owner of Svenska Dagbladet, is angry at the newspaper's independent economic journalism. In September 1991, he had the editor-in-chief Bertil Torekull removed

[112]

The unemployment insurance fund is the largest parachute we have in the country and we should abolish it. Abolishing the unemployment insurance fund would be a good way to get people to commit themselves to finding new ways of income.

— Peter Wallenberg Sr., at Investor AB General Meeting, April, 1998

[113]

We discussed all major issues with [EU] Commissioners. The purpose of this visit is not to lobby for any particular issue, but that we are informed, and that we open up for a further dialogue. We did a similar thing in Washington last year with large customers, which was about the US's relations with China.

— Jacob Wallenberg, on his visit to Brussels and the lobbying around the Volvo-Scania deal in 2000, inviting a number of MEPs, led by European Commission President Romano Prodi, to hold talks at the Conrad Hotel.

[114]

It is the saddest day of my professional life.

— Jacob Wallenberg, on Brexit, Svenska Dagbladet, SvD

[115]

I have to tell you a story of how difficult it is with trade. My family was involved in the International Chamber of Commerce when it was founded in 1919. It was founded because of the World War I, and a number of business people had come to the conclusion that the way to avoid war was more trade. More international and commercial exchange will lead to the fact that people don't want to spoil those commercial relationships and therefore will avoid conflict. That was the whole idea. My great-uncle, Jacob Wallenberg (1892-1980) was hosting one of the big conferences in 1944 in Stockholm and they were talking about, this was just before the crisis, protectionism was a looming threat in the mid 40s, and it also resulted in very bad economic times. You might have thought that the system would have learned about the drawbacks of this bad economic development and the need for non-protectionistic measures. Fifty years later, my uncle (Peter Wallenberg Sr.) was a Chairman of the ICC, and he went into the desk of my great-uncle who had made a speech in 1944, found his speech, brought it to the dinner, read it, and everybody thought it was a speech that had been drawn up in 1984. So it is like an endless job to be associated with ICC.

— Marcus Wallenberg, in a discussion with Victor Fung at Asian Global Institute, 2013.

[116]

There has been discussion on starting to produce vaccines in every country, including my own. I think the fact that vaccines were dealt with at a truly international level is the reason we got vaccines as fast as we did. There, the avoidance of autonomy has been very important.

— Jacob Wallenberg, on vaccines against Covid-19, in Financial Times

[117]

Ancestry[edit]

[18][118][119][120][121][122][123][124][125][126][127][128]

Notable family members[edit]

Marcus Wallenberg
1744–1799
Jacob Wallenberg
1746–1778
Marcus Wallenberg
1774–1833
Catharina Wilhelmina AnderssonAndré Oscar Wallenberg
1816–1886
Anna Eleonora Charlotta von Sydow
Knut Agathon Wallenberg
1853–1938
Gustaf Wallenberg
1863–1937
Marcus Wallenberg Sr.
1864–1943
Oscar Wallenberg
1872–1939
Axel Fingal Wallenberg
1874–1963
Victor Wallenberg
1875–1970
Raoul Oscar Wallenberg
1888–1912
Jacob Wallenberg
1892–1980
Marcus Wallenberg Jr.
1899–1982
Carol Wallenberg
1904–1985
Gustaf Wally
1905–1966
Henry Wallenberg
1908–1993
Raoul Wallenberg
1912–c.1947
Peder Wallenberg
1935–
Marc Wallenberg
1924–1971
Peter Wallenberg Sr.
1926–2015
Marcus Wallenberg
1956–
Axel Wallenberg
1958–2011
Jacob Wallenberg
1956–
Peter Wallenberg Jr.
1959–
  • Marcus Wallenberg (1744–1799), priest, lector of theology
    • Marcus Wallenberg (1774–1833), nephew of Jacob Wallenberg, bishop in Linköping.
      • André Oscar Wallenberg (1816–1886), son of Marcus Wallenberg, naval officer, newspaper tycoon, banker and politician.
        • Knut Agathon Wallenberg (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.
        • 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 ("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
          • Ebba Wallenberg (1896–1960), daughter of Marcus Wallenberg Sr. and Amalia Wallenberg (née Hagdahl), married to count Carl Gustaf Bonde af Björnö(1872–1957)
          • Marcus Wallenberg Jr. ("Dodde") (1899–1982), son of Marcus Wallenberg Sr., banker and industrialist.
            • Marc Wallenberg ("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 (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.
        • Jacob Oscar Wallenberg (1872–1939), son of André Oscar Wallenberg, naval officer and director of Swedish Tobacco AB, Tobaksbolaget.
        • 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 (1875–1970), son of André Oscar Wallenberg, sports shooter.
          • Victor Axel Henry Wallenberg (1908–1993), son of Victor Wallenberg, consul general in Monaco.
            • Jan Henry Sten Wallenberg (1933-2009), son of Henry Wallenberg.
  • Jacob Wallenberg (1746–1778), sailor, clergyman and author.

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External links[edit]