He was 88 years old.
Wallenberg was for many years chairman of the board in several of the various Wallenberg foundations, which indirectly owned shares in a large number of Swedish companies. They include well-known brands such as Electrolux, SEB bank, ABB and Atlas Copco. In total the Wallenbergs were once said to control one-third of Swedens' BNP through their foundations.
He only handed over the post as chairman of the board in the largest fund, Knut and Alice Wallenberg's Fund, to his son Peter Wallenberg Jr last week.