Percy Barnevik, a towering figure in Swedish business, passed away at 84. Despite stepping back from the limelight, he continued to earn millions, which he invested in his charity, Hand in Hand. Known for his leadership roles at ABB and Astra Zeneca, Barnevik also donated his properties to his children. His legacy is marked by philanthropy and a significant impact on global poverty alleviation.
Percy Barnevik's Final Years: Amassed Millions, Donated Properties
Percy Barnevik's Final Years: Amassed Millions, Donated Properties
Business giant Percy Barnevik passed away from a stroke at the age of 84. In his final years, he continued to earn millions of kronor, but he donated many of his properties.
Percy Barnevik was one of the 20th century's most prominent Swedish business leaders. He was previously the chairman of Sandvik, CEO of ABB, and served as chairman for other giants like Astra Zeneca and Skanska.
In 2002, Barnevik resigned from ABB and received a massive bonus of 900 million kronor negotiated in a pension agreement. After the deal received significant media attention—he was criticized for being greedy—Barnevik repaid 548 million kronor.
The remainder was invested in his own charity organization, Hand in Hand, which aims to help impoverished women worldwide find employment by starting their own businesses.
"The 250 million kronor I kept, and more, I have used in aid work. What I should have done was demand the compensation in shares from the start," Barnevik told Dagens industri in 2015.
When asked what would have been a reasonable compensation, he replied:
"Perhaps half the amount."
Money and Properties
Even though Barnevik withdrew from the business spotlight, he continued to earn money in his final years. In 2023, the last year with a recorded income, he earned 1,917,200 kronor. That same year, he had a capital surplus of 2,184,213 kronor.
In his final days, Percy Barnevik was registered at his son's address and owned no properties in Sweden.
However, he had owned several before. These included several houses in a small town outside Grebbestad on the West Coast. The houses, idyllically located near the water, were given over the years to his three children, sons Jens and Petter, and daughter Martina.
Most recently, in 2023, his son Petter received two of the properties as gifts. These included a larger and a smaller house next to each other in Västervik.
Children's Grief
In his 60s, in the mid-2000s, Barnevik was diagnosed with cancer in several areas and had to remove one kidney and the prostate.
He also underwent several heart surgeries and suffered from an incurable, but not fatal, nerve disease, he told Di.
Percy Barnevik passed away after a short illness. His children wrote in an email to TT that it is with great sorrow they announce their father's passing.
"Our father meant a lot to us in the family, and we will always remember him with warmth," they wrote.