Wallenberg family

The Wallenberg family (known as The Wallenbergs or simply Wallenbergs) is a prominent Swedish family renowned as bankers, industrialists, politicians, bureaucrats, diplomats. The Wallenbergs are present in most large Swedish industrial groups, like Ericsson, Electrolux, ABB, SKF, AIK, Atlas Copco and more. In 1990 and subsequent years, the "Wallenberg sphere" controlled nearly one-third of the GDP of Sweden.

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 passports and housed Jews, saving tens of thousands of Jewish lives.[1]

History

Raoul Wallenberg Memorial Statue, Great Cumberland Place, London
Grand Hotel Saltsjöbaden; built in 1890s by the Wallenberg family

The oldest known member 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) married twice. The children of his first marriage called themselves Wallberg and those of his second called themselves Wallenberg.[2] Jakob Persson Wallberg was the great-grandfather of André Oscar Wallenberg who, in 1856, founded 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 Riksdags first chamber (Parliament of Sweden) 1907–1919. In 1916, 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. He had no children. Marcus Wallenberg (senior) was appointed Stockholms Enskilda Bank chairman of the board.

During the War the Bank collaborated with the German government. 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. [3][4]

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 Scandinavia 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.[5] 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).

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").[6] Wallenbergs business empire is often referred to as the Wallenberg sphere, the Wallenberg sphere is a large group of companies where their investment company, Investor AB, or foundation asset management company, Foundation Asset Management (FAM), have the controlling interest.

Notable family members

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marcus Wallenberg
1744–1799
 
Jacob Wallenberg
1746–1778
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marcus Wallenberg
1774–1833
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Catharina Wilhelmina Andersson
 
André Oscar Wallenberg
1816–1886
 
Anna von Sydow
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Knut Agathon Wallenberg
1853–1938
 
Gustaf Wallenberg
1863–1937
 
Marcus Wallenberg, Sr.
1864–1943
 
 
Oscar Wallenberg
1872–1939
 
Axel 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 Sager 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–

Key people

References

  1. ↑ "Yad Vashem database". Yad Vashem. Archived from the original on 7 February 2007. Retrieved 12 February 2007. who saved the lives of tens of thousands of Jews in Budapest during World War II ... and put some 15,000 Jews into 32 safe houses.
  2. ↑ The Swedish family calendar 1989, red. Elisabeth Thorsell, Almqvist & Wiksell Internationell, Stockholm 1989 ISBN 91-22-01318-0 s.360
  3. ↑ "Authors Claim Wallenberg Family Assisted Nazis in Banking Deals". Jewish Telegraphic Agency. 1989-11-08. Retrieved 2016-08-13.
  4. ↑ Gowland, Rob (19 June 1996). "Banks' nazi connections exposed". The Guardian (Socialist Party of Australia).
  5. ↑ based on an article in Reed Business Information's International Management
  6. ↑ based on an article in The New York times

External links

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