Peter Wallenberg, the former head of Sweden's most powerful financial dynasty, has died. He was 88.

A statement from the family foundation says Wallenberg died Monday at his home on the island of Varmdo, outside Stockholm. The cause of death wasn't released.

The Wallenberg family, whose business empire dates back to the 19th century, holds large stakes in major Swedish companies, including home appliance maker Electrolux and wireless equipment maker Ericsson, through holding company Investor AB.

Peter Wallenberg was chairman of Investor from 1982 until 1997. He also served on the board of Ericsson, Electrolux, Atlas Copco and other Swedish companies.

He is survived by his two sons, Jacob and Peter, and daughter Andrea. Funeral arrangements weren't immediately announced.