A mysterious entity in Singapore’s financial district became the largest shareholder in International Flavors & Fragrances Inc. nine years ago. It was later revealed that the owner was the Rausing family from Sweden, known for their fortune from Tetra Pak cartons. This disclosure marked one of the earliest public insights into how the media-shy family manages its wealth.
Today, the Rausing family’s portfolio exceeds $9 billion, spread across more than 100 companies in Europe and the US, according to Bloomberg data. Their holdings include significant stakes in companies such as IFF, Linde Plc, and Givaudan SA, via entities in Liechtenstein, Singapore, and Switzerland. These investments underscore the sophistication with which some of the world’s wealthiest families operate, highlighting the expanding family office industry.
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Much of this wealth is held within a relatively small group of stocks, namely IFF, Linde, Givaudan, Sensient Technologies, and SIG Group, which are primarily held through Singaporean entities controlled by a Liechtenstein foundation called Haldor. Swiss investment firms Longbow Finance SA and Freemont Management SA also manage sizable portfolios for the family, with holdings worth hundreds of millions of dollars.
However, details about the exact value of these investments over time are scarce. Filings primarily reveal current values, making it difficult to assess gains or losses. For example, IFF’s shares have declined 29% since the initial disclosed stake, contrasting with the 242% rise of the S&P 500, while Givaudan has appreciated by 41%. Despite fluctuations, the overall portfolio continues to grow, supported by periodic infusions into subsidiaries like Winder Investments and Winder Pte., though the source of this cash remains undisclosed.
The family’s complex financial structure is opaque. The Rausing family’s private company, Tetra Laval, does not publish comprehensive financial data, and the ultimate beneficiaries of these investments are not publicly known. It is believed that family members like Finn, Jorn, and Kirsten Rausing, grandchildren of founder Ruben Rausing, are the primary beneficiaries, with each holding a significant stake.
