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The Silent Rise of the Wallenberg Family: A Dynasty That Controls Europe’s Business World From the Shadows
Powerful families have always existed, from royal families that controlled empires for centuries to major businessmen who dominated the landscape after the Industrial Revolution. Names like Ford, Rockefeller, Rothschild, and Morgan have become synonymous with power. However, a Swedish family, the Wallenbergs stand out for having an estimated fortune of US$ 250 billion, without appearing on traditional lists of the richest, according to the Global Knowledge channel.
The Origin of the Wallenberg Family’s Power and Wealth: From Feudalism to the Industrial Revolution in Europe
The transfer of power from royal families to major businessmen is a phenomenon that has accompanied the transformation of society from the end of feudalism to the emergence of capitalism. The Wallenberg family is an emblematic example of this change. Founded in 1857 by André Oscar Wallenberg, an officer in the Swedish Navy, the family established the Stockholms Enskilda Bank, revolutionizing the Swedish banking system by introducing the concept of paying interest to depositors.
The Expansion and Consolidation of the Wallenberg Family’s Fortune in Europe
The bank founded by André Oscar Wallenberg financed the industrialization of Sweden, contributing to the construction of railways and other essential infrastructure. After his death, his children continued to expand the influence of the Wallenberg family, diversifying investments in various sectors across Europe. A change in Swedish law in 1916, which made it difficult for banks to participate in industries, led to the creation of the investment company Investor, establishing a degree of protection for the family’s image.
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The Strategy of Foundations
The transfer of wealth to foundations was a crucial strategy that helped the Wallenberg family avoid family disputes that could deplete their fortune. Today, the fortune estimated at US$ 250 to 300 billion belongs to 20 foundations managed by the fifth generation of the family. This approach allows the Wallenbergs to maintain significant influence without standing out publicly as the richest.
Over the years, the Wallenbergs narrowed ties with the Swedish government and other international authorities, beyond Europe. Family members held important political positions, such as ministers and parliamentarians, directly influencing the development of public policies. The second generation of Wallenberg, for example, was involved in negotiations during World War I and in the mining sector.
The Legacy of Discretion
Discretion is a trademark of the Wallenbergs. Even during World War II, while some family members helped increase the fortune by negotiating with both sides of the conflict, others, like Raoul Wallenberg, stood out for their humanitarian actions, saving thousands of Jews from the Holocaust.
With the sixth generation of the family being prepared to take over, it is likely that the Wallenbergs will continue to increase their fortune and influence globally, not just in Europe. The recent decision by Sweden to join NATO, strongly supported by the family, is indicative of their ongoing power.
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