The Wallenberg family's Parenting Method

The Respected Wealthy Family of Sweden

The Wallenberg family has built an industrial empire in Europe for 150 years across five generations, mainly in Sweden. Their businesses include Electrolux (home appliances), Ericsson (telecommunications), and AstraZeneca (which developed a COVID-19 vaccine), along with 19 other major companies. The Wallenberg family is known for their humble and frugal lifestyle, which has earned them great respect. Let’s explore their unique approach to educating their children, which has helped them sustain their family business for generations.

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The Importance of Generational Education

One of the biggest differences between the Wallenberg family’s approach and that of other wealthy families is their focus on generational education. Every Sunday morning, the grandfather would tell his grandchildren stories about their ancestors’ achievements. He also personally taught them business skills to help them develop a strong sense of entrepreneurship. The grandchildren gained valuable insights that even the world’s top business schools could not provide.

The grandfather also taught the value of hard work. He gave them an allowance only when they helped with household chores, showing them the importance of earning money and living modestly. Through this hands-on approach, the Wallenberg family instilled their business values in their children from an early age. This strong foundation has allowed them to continue growing and expanding their business for over 150 years.

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Equal Opportunities for Successors

Because of their early exposure to business, every member of the Wallenberg family had the opportunity to become a successor. Instead of following the traditional firstborn inheritance rule, they selected leaders based on merit. To inherit the family business, heirs had to prove their capabilities. Those who were unmotivated or irresponsible were not given leadership roles.

 

Since every descendant had a fair chance, they worked hard to meet the family’s high expectations. Among the most exceptional candidates, two were chosen—one to lead the holding company and another to lead the financial company—to ensure that no single person had absolute control. The Wallenberg family’s rigorous successor training was not forced upon them; rather, it motivated only those who were truly passionate about leadership.

 

For 150 years, even during times of war in Europe, the Wallenberg family remained strong. Today, they continue to expand their business while preserving the legacy of their ancestors.
Could their unique approach to raising children be the secret to their long-lasting success?

 

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