By Christina Zander
STOCKHOLM-- Peter Wallenberg, the patriarch of one of Sweden's most powerful and influential families, died at his home on Monday. He was 88.
Mr. Wallenberg was the head of a dynasty of bankers, industrialist, politicians and diplomats that has shaped Swedish society. The family, through its investment vehicle Investor AB, has interests in some of Sweden's largest companies, including Astra Zeneca, Ericsson, SAAB and SEB.
He was related to the diplomat Raoul Wallenberg, who saved hundreds of thousands of Jews from the Holocaust when he was Sweden's envoy to Nazi occupied Hungary during World War II.
Mr. Wallenberg was born in Stockholm in 1926 and he was active within the family's companies after he graduated from university, but it was the suicide of his brother Marc in 1971 that saw Mr. Wallenberg become the eventual head of the family companies.
He stepped down as chairman of the family's largest foundation, the Knut and Alice Wallenberg foundation, only last week.
The Wallenberg assets are now controlled by the fifth generation of the family, including Peter Wallenberg's two sons.
His oldest son Jacob Wallenberg, 59, is chairman of Investor and deputy chairman of FAM, the family's holding company. He is also deputy chairman in SAS and Ericsson and a member of ABB's board. Peter Wallenberg Jr, 55, now holds the position of chairman in the Knut och Alice Wallenberg foundation, which controls more than half of the votes in Investor as well as stakes in several of the companies within the family sphere. He is also a member of Investor's board.
Their cousin, Marcus Wallenberg, 58, is chairman of FAM and a board member of Investor. He is also and chairman in SEB and Saab AB and a board member in Astra Zeneca.
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