The Succession Drama About to Hit a $40 Billion Swedish Empire

The Wallenberg dynasty is corporate royalty in Sweden, known for its strict hierarchy, sense of civic duty and firm-handed guidance. But it was the experiment of a family icebreaker at the home of elder statesman Peter ‘Poker’ Wallenberg Jr more than a decade ago that set the stage for its latest succession efforts.

It was a small but telling break with tradition: the aim not to anoint the next round of leaders but to cajole cousins and members of the sprawling tradition-bound family to chat to one another. That low-key meeting now stands as the quiet beginning of a much broader overhaul — and a test of whether a family built on long-term control can modernize to confront rising challenges ahead.