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Economic Dynasties and Wealth in Sweden
Sweden, known for its economic egalitarianism and progressive credentials, is home to major economic dynasties despite its reputation. The country boasts a low Gini coefficient, indicating low income inequality, but family wealth plays a significant role in the economy. Wealthy families in Sweden control vast sectors of industry and commerce through asset holding companies or foundations, a common practice in Europe. This contrasts with the US where regulations restrict such ownership structures, leading to fewer industrial dynasties. The Wallenberg family, with their main holding company Investor AB, significantly influences Sweden's economy, holding a market capitalization equivalent to 10 percent of the country's GDP, a scenario rarely seen even with giants like Apple and Microsoft in the US.