Wallenberg family
Encyclopedia
The Wallenberg family is a prominent Swedish banking family, renowned as bankers, industrialists, politicians, diplomats and philanthropists. The most famous of the Wallenbergs, 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 passport
s and housed Jews, saving tens of thousands of Jewish lives. The Wallenberg sphere, an international banking- and industry group under the control of Wallenberg family through the holding company Investor AB
, based in Stockholm, Sweden, is today Europe
's largest family-controlled business empire. In Sweden
alone, the sphere is estimated to indirectly control about a third of the national GDP.
Oldest known ancestor of the Wallenberg family is Per Hansson (1670–1741), who in 1692 married Kerstin Jacobsdotter Schuut (1671–1752). Their son, Jakob Persson Wallberg (1699–1758) had two marriages. In his first marriage the children called themselves Wallberg, and in his second Wallenberg. Jakob Persson Wallberg (1699–1758) was the great-grandfather to André Oscar Wallenberg, who in 1856 founded the Stockholms Enskilda Bank
, the predecessor of today's Skandinaviska Enskilda Banken
.
André Oscar Wallenberg's son Knut Agathon Wallenberg
took over as CEO of Stockholms Enskilda Bank
in 1886.
Like many other Wallenberg relatives, Knut Agathon Wallenberg was also involved in Swedish politics and diplomacy
becoming Minister for Foreign Affairs 1914–1917, and member of the Riksdag
s first chamber (Parliament of Sweden) 1907–1919. In 1916, a new legislation made it more difficult for banks to own shares
in industrial companies on a long-term basis. Investor
was formed as an investment
part of Stockholms Enskilda Bank
.
Knut Agathon Wallenberg's
younger brother Marcus Wallenberg (senior) 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.
Jacob Wallenberg, eldest son of Marcus Wallenberg (senior), became the bank's CEO after Joseph Nachmanson died in 1927, joined by younger brother Marcus Wallenberg (junior) as the bank's deputy CEO. In 1938, Knut Agathon Wallenberg
died (Knut Agathon Wallenberg had died childless). Marcus Wallenberg (senior) was appointed Stockholms Enskilda Bank
chairman of the board.
The fourth generation of Wallenbergs joined the family business
in 1953, including heir apparent
Marc Wallenberg, eldest son of Marcus Wallenberg (junior), who became a deputy CEO at Stockholms Enskilda Bank
in 1953, before taking over as CEO in 1958. After a power struggle between Jacob Wallenberg and his younger brother Marcus Wallenberg (junior), Jacob Wallenberg resigned
from the board of directors
in 1969.
The resignation
opened a seat on the bank's board of directors
to Peter Wallenberg (senior), younger son of Marcus Wallenberg (junior). Marcus Wallenberg (junior) 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
. The merger went through in 1972.
Marcus Wallenberg (junior), and younger son Peter Wallenberg (senior), focused their interests on the family's investment
companies, Investor
and Providentia. Investor now became the family's new flagship business, and, under Marcus Wallenberg (juniors) 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.
Peter Wallenberg (senior) took over after Marcus Wallenberg (junior's) death 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 (senior) rose to the challenge, guiding Investor
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 (senior) stepped down from leadership of Investor in 1997.
In 2006, The fifth generation took over the Wallenberg sphere. Marcus Wallenberg
, son of Marc Wallenberg, Jacob Wallenberg and Peter Wallenberg (junior) both sons of Peter Wallenberg (senior).
The Wallenberg family has occasionally been criticized for its nepotism
, notably when it was disclosed that Peter Wallenberg (senior) was given a retirement salary of 16 MSEK (EUR 1,6 million) per year from Ericsson
, in spite of never having been employed by the company.
Investor
or foundation asset management company FAM
have the controlling interest
.
Raoul Wallenberg
Raoul Wallenberg was a Swedish businessman, diplomat and humanitarian. He is widely celebrated for his successful efforts to rescue thousands of Jews in Nazi-occupied Hungary from the Holocaust, during the later stages of World War II...
, a diplomat, worked in Budapest
Budapest
Budapest is the capital of Hungary. As the largest city of Hungary, it is the country's principal political, cultural, commercial, industrial, and transportation centre. In 2011, Budapest had 1,733,685 inhabitants, down from its 1989 peak of 2,113,645 due to suburbanization. The Budapest Commuter...
, Hungary, during World War II to rescue Jews from the Holocaust. Between July and December 1944, he issued protective passport
Passport
A passport is a document, issued by a national government, which certifies, for the purpose of international travel, the identity and nationality of its holder. The elements of identity are name, date of birth, sex, and place of birth....
s and housed Jews, saving tens of thousands of Jewish lives. The Wallenberg sphere, an international banking- and industry group under the control of Wallenberg family through the holding company Investor AB
Investor AB
Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family through their foundation asset management company FAM. The company owns a controlling stake in several large Swedish companies with smaller positions in a number of other firms. In 2006 it had...
, based in Stockholm, Sweden, is today Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
's largest family-controlled business empire. In Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
alone, the sphere is estimated to indirectly control about a third of the national GDP.
History
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...
, the predecessor of today's Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken
Skandinaviska Enskilda Banken AB is a Swedish financial group for corporate customers, institutions and private individuals with headquarters in Stockholm, Sweden. Its activities comprise mainly banking services, but SEB also carries out significant life insurance operations and also owns Eurocard...
.
André Oscar Wallenberg's son Knut Agathon Wallenberg
Knut Agathon Wallenberg
Knut Agathon Wallenberg, , was a Swedish banker and politician, he was also Knight of the Order of the Seraphim. He was son of the banker and politician André Oscar Wallenberg, and his wife Catharina Wilhelmina Andersson. In 1878, he married Alice Nickelsen...
took over as CEO of Stockholms Enskilda 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 1886.
Like many other Wallenberg relatives, Knut Agathon Wallenberg was also involved in Swedish politics and diplomacy
Diplomat
A diplomat is a person appointed by a state to conduct diplomacy with another state or international organization. The main functions of diplomats revolve around the representation and protection of the interests and nationals of the sending state, as well as the promotion of information and...
becoming Minister for Foreign Affairs 1914–1917, and member of the Riksdag
Parliament of Sweden
The Riksdag is the national legislative assembly of Sweden. The riksdag is a unicameral assembly with 349 members , who are elected on a proportional basis to serve fixed terms of four years...
s first chamber (Parliament of Sweden) 1907–1919. In 1916, a new legislation made it more difficult for banks to own shares
Share (finance)
A joint stock company divides its capital into units of equal denomination. Each unit is called a share. These units are offered for sale to raise capital. This is termed as issuing shares. A person who buys share/shares of the company is called a shareholder, and by acquiring share or shares in...
in industrial companies on a long-term basis. Investor
Investor AB
Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family through their foundation asset management company FAM. The company owns a controlling stake in several large Swedish companies with smaller positions in a number of other firms. In 2006 it had...
was formed as an investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
part of Stockholms Enskilda 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...
.
Knut Agathon Wallenberg's
Knut Agathon Wallenberg
Knut Agathon Wallenberg, , was a Swedish banker and politician, he was also Knight of the Order of the Seraphim. He was son of the banker and politician André Oscar Wallenberg, and his wife Catharina Wilhelmina Andersson. In 1878, he married Alice Nickelsen...
younger brother Marcus Wallenberg (senior) 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
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...
chairman of the board.
Jacob Wallenberg, eldest son of Marcus Wallenberg (senior), became the bank's CEO after Joseph Nachmanson died in 1927, joined by younger brother Marcus Wallenberg (junior) as the bank's deputy CEO. In 1938, Knut Agathon Wallenberg
Knut Agathon Wallenberg
Knut Agathon Wallenberg, , was a Swedish banker and politician, he was also Knight of the Order of the Seraphim. He was son of the banker and politician André Oscar Wallenberg, and his wife Catharina Wilhelmina Andersson. In 1878, he married Alice Nickelsen...
died (Knut Agathon Wallenberg had died childless). Marcus Wallenberg (senior) was appointed Stockholms Enskilda 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...
chairman of the board.
The fourth generation of Wallenbergs joined the family business
Family business
A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business’ overall well-being....
in 1953, including heir apparent
Heir apparent
An heir apparent or heiress apparent is a person who is first in line of succession and cannot be displaced from inheriting, except by a change in the rules of succession....
Marc Wallenberg, eldest son of Marcus Wallenberg (junior), who became a deputy CEO at Stockholms Enskilda 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 1953, before taking over as CEO in 1958. After a power struggle between Jacob Wallenberg and his younger brother Marcus Wallenberg (junior), Jacob Wallenberg resigned
Resignation
A resignation is the formal act of giving up or quitting one's office or position. It can also refer to the act of admitting defeat in a game like chess, indicated by the resigning player declaring "I resign", turning his king on its side, extending his hand, or stopping the chess clock...
from the board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
in 1969.
The resignation
Resignation
A resignation is the formal act of giving up or quitting one's office or position. It can also refer to the act of admitting defeat in a game like chess, indicated by the resigning player declaring "I resign", turning his king on its side, extending his hand, or stopping the chess clock...
opened a seat on the bank's board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
to Peter Wallenberg (senior), younger son of Marcus Wallenberg (junior). Marcus Wallenberg (junior) pushed through a merger agreement between Stockholms Enskilda 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...
and rival Skandinaviska Banken
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 into a single kingdom...
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
Skandinaviska Enskilda Banken AB is a Swedish financial group for corporate customers, institutions and private individuals with headquarters in Stockholm, Sweden. Its activities comprise mainly banking services, but SEB also carries out significant life insurance operations and also owns Eurocard...
. The merger went through in 1972.
Marcus Wallenberg (junior), and younger son Peter Wallenberg (senior), focused their interests on the family's investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
companies, Investor
Investor AB
Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family through their foundation asset management company FAM. The company owns a controlling stake in several large Swedish companies with smaller positions in a number of other firms. In 2006 it had...
and Providentia. Investor now became the family's new flagship business, and, under Marcus Wallenberg (juniors) leadership began actively promoting the restructuring
Restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs...
of most of the industrial companies under its control, replacing board members and promoting younger CEO and other management.
Peter Wallenberg (senior) took over after Marcus Wallenberg (junior's) death 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 (senior) rose to the challenge, guiding Investor
Investor AB
Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family through their foundation asset management company FAM. The company owns a controlling stake in several large Swedish companies with smaller positions in a number of other firms. In 2006 it had...
and Sweden's industry into a new era
Era
An era is a commonly used word for long period of time. When used in science, for example geology, eras denote clearly defined periods of time of arbitrary but well defined length, such as for example the Mesozoic era from 252 Ma–66 Ma, delimited by a start event and an end event. When used in...
. In 1990, it was estimated that the family indirectly controlled one-third of the Swedish Gross National Product
GNP
Gross National Product is the market value of all products and services produced in one year by labor and property supplied by the residents of a country...
. Peter Wallenberg (senior) stepped down from leadership of Investor in 1997.
In 2006, The fifth generation took over the Wallenberg sphere. Marcus Wallenberg
Marcus Wallenberg
Marcus Wallenberg, born 2 September 1956 in Stockholm, is a Swedish banker and industrialist, B. Sc of Foreign Service. Son of the banker Marc Wallenberg, and his wife Olga Wehtje, he is a member of the prominent Wallenberg family. His nickname "Husky" came from his grandfather, Marcus "Dodde"...
, son of Marc Wallenberg, Jacob Wallenberg and Peter Wallenberg (junior) both sons of Peter Wallenberg (senior).
The Wallenberg family has occasionally been criticized for its nepotism
Nepotism
Nepotism is favoritism granted to relatives regardless of merit. The word nepotism is from the Latin word nepos, nepotis , from which modern Romanian nepot and Italian nipote, "nephew" or "grandchild" are also descended....
, notably when it was disclosed that Peter Wallenberg (senior) was given a retirement salary of 16 MSEK (EUR 1,6 million) per year from Ericsson
Ericsson
Ericsson , one of Sweden's largest companies, is a provider of telecommunication and data communication systems, and related services, covering a range of technologies, including especially mobile networks...
, in spite of never having been employed by the company.
Notable family members
- Jacob Wallenberg (1746–1778), sailor, clergyman and author.
- Marcus Wallenberg (1774–1833), nephew of Jacob Wallenberg, bishopBishopA bishop is an ordained or consecrated member of the Christian clergy who is generally entrusted with a position of authority and oversight. Within the Catholic Church, Eastern Orthodox, Oriental Orthodox Churches, in the Assyrian Church of the East, in the Independent Catholic Churches, and in the...
in LinköpingLinköpingLinköping is a city in southern middle Sweden, with 104 232 inhabitants in 2010. It is the seat of Linköping Municipality with 146 736 inhabitants and the capital of Östergötland County...
. - André Oscar Wallenberg (1816–1886), son of Marcus Wallenberg, naval officer, newspaper tycoon, banker and politician.
- Knut Agathon WallenbergKnut Agathon WallenbergKnut Agathon Wallenberg, , was a Swedish banker and politician, he was also Knight of the Order of the Seraphim. He was son of the banker and politician André Oscar Wallenberg, and his wife Catharina Wilhelmina Andersson. In 1878, he married Alice Nickelsen...
(1853–1938), son of André Oscar Wallenberg, banker and politician. - Gustaf Wallenberg (1863–1937), son of André Oscar Wallenberg, diplomat.
- Marcus Wallenberg (senior) ("Häradshövdingen") (1864–1943), son of André Oscar Wallenberg, banker, industrialist and politician.
- Oscar Wallenberg (1872–1939), son of André Oscar Wallenberg, naval officer and businessman.
- Axel Wallenberg (1874–1963), son of André Oscar Wallenberg, industrialist and diplomat.
- Victor WallenbergVictor WallenbergVictor Henry Wallenberg was a Swedish sports 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 individual trap competition he finished 34th. Son of banker André Oscar Wallenberg.-External links:*...
(1875–1970), son of André Oscar Wallenberg, sports shooter. - Raoul Oscar Wallenberg (1888–1912), son of Gustaf Wallenberg, naval officer.
- Jacob Wallenberg ("Juju") (1892–1980), son of Marcus Wallenberg (senior), naval officer, banker, industrialist.
- Marcus Wallenberg (junior) ("Dodde") (1899–1982), son of Marcus Wallenberg (senior), banker and industrialist.
- Carol Wallenberg (1904–1985), son of Oscar Wallenberg, businessman.
- Gustaf WallyGustaf WallyGustaf Wally dancer, actor and theatre manager was born Gustaf Wallenberg. He was a member of the industrialist Wallenberg family....
(1905–1966), son of Axel Wallenberg, dancer, actor and theatre manager. - Henry Wallenberg (1908–1993), son of Victor Wallenberg, consul general in Monaco.
- Raoul WallenbergRaoul WallenbergRaoul Wallenberg was a Swedish businessman, diplomat and humanitarian. He is widely celebrated for his successful efforts to rescue thousands of Jews in Nazi-occupied Hungary from the Holocaust, during the later stages of World War II...
(1912–c.1947), son of Raoul Oscar Wallenberg, diplomat. - Marc Wallenberg ("Boy-Boy") (1924–1971), son of Marcus Wallenberg (junior), banker.
- Peter Wallenberg (senior) ("Pirre") (1926–), son of Marcus Wallenberg (junior), banker and industrialist. Current patriarch of the Wallenberg family.
- Peder Sager Wallenberg (1935–), son of Jacob Wallenberg, architect, businessman.
- Jacob WallenbergJacob Wallenberg (1956–)Jacob Wallenberg, born 1956 in Stockholm, is a Swedish banker and industrialist, B.Sc. Economics and M.B.A., Wharton School, University of Pennsylvania, Reserve Officer, Swedish Navy. Son of the banker and industrialist Peter Wallenberg , and his wife Suzanne Grevillius, he is a member of the...
(1956–), son of Peter Wallenberg (senior), banker and industrialist. - Marcus Wallenberg ("Husky") (1956–), son of Marc Wallenberg, banker and industrialist.
- Axel Wallenberg ("Wawa") (1958–2011), son of Marc Wallenberg, businessman.
- Peter Wallenberg (junior) ("Poker") (1959–), son of Peter Wallenberg (senior), businessman.
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"). Wallenbergs business empire is often referred to as the Wallenberg sphere, the Wallenberg sphere is a large group of companies where their investment companyInvestment company
An investment company is a company whose main business is holding securities of other companies purely for investment purposes. The investment company invests money on behalf of its shareholders who in turn share in the profits and losses....
Investor
Investor AB
Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family through their foundation asset management company FAM. The company owns a controlling stake in several large Swedish companies with smaller positions in a number of other firms. In 2006 it had...
or foundation asset management company FAM
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 consultancy agreements...
have the controlling interest
Controlling interest
Controlling interest in a corporation means to have control of a large enough block of voting stock shares in a company such that no one stock holder or coalition of stock holders can successfully oppose a motion...
.
External links
- Wallenberg Family Tree on Kindo
- The Local – Introducing the Wallenbergs (humorous profile in English)
- Investor AB and Wallenberg family history