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Havish Gupta
Figuring Out • 1y
Unique Startup Stories (4/20) Imagine a family that controls a whole continent and you don't even know about it. Meet Wellenberg Family. So after the end of the depression of 1837, the whole European economy was booming. But the banks at that time didn't lend money and acted as locker provider and charged money for it. So Allen Welleberg found that he could lend the money to industries, pay interest to dipositer and still make profit. So he started his SEB bank in Sweden. Bach then starting a bank was as easy as starting a Gold Shop. And with this, he began to get whole bunch of deposits from everyone due to intrest he offered. Soon his bank started earning tons of profits which he invested in buying stake in companies throughout Europe. Later the situation grew so bad that either 1) your account is in SEB or 2) your took a loan for SEB or 3) your company took a loan for SEB According to CNBC, this family has networth of over $250 Billion and actual figure could be much more.
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