Oligarch Jacob Wallenberg admits “Of course, we have a lot of power” – Has a direct line to both government and opposition

Published June 1, 2025 | By NewsJive.com

The non-democratically elected oligarch Jacob Wallenberg admits that his family has had and continues to have enormous power and influence over Sweden.

In a fairly open and transparent interview with Swedish state owned media outlet SVT, billionaire Jacob Wallenberg from the super-rich and powerful family clan and dynasty, known as The House of Wallenberg, faced unusually tough questions rare for the mainstream Establisment Media to ask.

When asked by the journalist why he avoids talking about the family’s power, with his vague and evasive answers, and whether the family dislike discussing their influence in the country, Wallenberg replied that he tries to explain that they “do not control everything,” as he believes people have come to think about the family, because “that’s not how it is,” according to the powerful banker.

But in the end, Wallenberg admitted, “Of course, we have a lot of power.” And adds, “We have a lot to say in the matter.”

The family has very strong ties to the “political power,” including both the officially ruling government parties and the so-called “oppositional” parties.

When asked if he has more power than the prime minister, – not least since he and his family have been labeled as “puppet masters” by conspiracy theorists over the years, who claim they control and own the politicians – Wallenberg replied, “Of course, it’s the prime minister,” despite the family traditionally having strong ties to the “political power” and all political parties.

He also added that the family regularly has “close dialogue” with politicians “regardless of party affiliation.” Additionally, he stated that he has a direct line to both the government and the opposition when needed.

Earlier this spring, capitalist Jacob Wallenberg was invited by Sweden’s Left Party (Vänsterpartiet) -formerly a communist party, now more like liberal socialists – to “coach” party members on “how to govern Sweden”, in what the party called a “government school.”

The purpose of inviting Wallenberg, according to the party’s own statement, was explained in a communication they sent out, SVT reports:

“To be ready, we need to understand how the Government Offices work; we need to know how a government cooperates with the business sector and civil society. We must understand how ministries are governed and what signals agencies respond to.”

Besides being members of the Bilderberg Group, where they participate actively every year, the Wallenberg family controls the powerful lobbying organization, the Confederation of Swedish Enterprise (Svenskt Näringsliv), where Jacob Wallenberg now serves as chairman.

For over 150 years, the Wallenberg family has officially been a power player in Sweden without ever having been democratically elected. They have been the most powerful financial dynasty in the country’s history, according to SVT.

Sweden, which on paper and according to its constitution claims to be a democracy ruled by the people – where the supposedly “powerless” monarchy, in the form of the royal family living a luxurious life funded by hardworking taxpayers, doesn’t have much influence – now openly seems to acknowledge at least implicitly that an oligarchy actually exists in the country – with financially powerful business moguls pulling the strings.

And now a sixth generation of young Wallenbergs is now set to take over the family’s business ventures on nepotistic grounds.

When asked by the journalist how important it is to keep ownership within the family, Jacob Wallenberg responded somewhat vaguely and evasively, without giving a direct answer – which, not entirely unexpectedly, he did in a very general manner throughout the entire interview, – that the foundations created by the family “are what truly matter”.

According to the oligarch, the capital must be “managed in the best possible way,” clarifying that “the better the companies we invest in perform, the more money can go to these foundations.”

He then elaborated on the mission of these foundations: “They have a mission – to support basic Swedish research and university education,” since the family also donates several million each year to research according to Jacob Wallenberg, and thus also has influence over what is being researched.

When asked how meritocracy factors into the family’s business operations – given that only close relatives are appointed to the highest positions in the form of the new “sixth generation” of Wallenbergs set to take over – he once again responded somewhat evasively, saying that one must have “relevant education and work experience,” and offered nothing more to suggest that the family actually applies meritocratic or competitive selection when filling the top positions in the businesses they control.

Jacob Wallenberg has previously expressed admiration for the American system with lobbyism, where one gets close to politicians through donations and “support,” as he puts it in the interview with SVT, in order to be able to “influence” and “have a relationship” with the different politicians.

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