Peter Wallenberg, the former patriarch of the Swedish financial Wallenberg dynasty sometimes compared to the Rockefellers, has died. He was 88.
Wallenberg died on January 19 at his home on the island of Värmdö, outside Stockholm, the family foundation said in a statement.

From 1982 to 1997 Wallenberg was chairman of Investor AB, the holding company through which the family controls large stakes in major Swedish companies. He also served on the board of wireless equipment maker Ericsson, appliance maker Electrolux, engineering firm Atlas Copco and other Swedish companies. The family has been a prominent force in the Swedish business world since 1856, when Peter's great grandfather founded Stockholms Enskilda Bank — today called SEB.
Peter Wallenberg was born in Stockholm in 1926 to Marcus Wallenberg and his Scottish wife Dorothy. As a child, he attended boarding school in Sweden and spent the summers, alongside older brother Marc and sister Ann-Marie, with his mother's family in Britain.
He wasn't groomed to become the family patriarch, but stepped into the role of heir after Marc committed suicide in 1971. When their father died in 1982, Peter took over as chairman of Investor. His eldest son Jacob is now chairman. Wallenberg married and divorced three times. He is survived by his two sons, Jacob and Peter Jr., and daughter Andrea. Funeral arrangements weren't immediately announced.