Björn Arne Christer "Nalle" Wahlroos (born 10 October 1952) is a Finnish banker, investor, and the former chairman of the Board in Sampo Group, Nordea and UPM-Kymmene. Before switching to banking, Wahlroos worked as a professor at the Hanken School of Economics in Helsinki, from which he also holds a Doctorate in Economics.

In terms of political economical viewpoint, Wahlroos is known as a defender of laissez-faire economics, and a critic of Keynesian economics and economic regulation. His views against government interference and regulation has prompted criticism and controversy throughout the years, especially as despite Wahlroos' wealth, he has collected hundreds of thousands of euros in Finnish agricultural subsidies. Wahlroos has also published several books on economics and the Finnish economy.

His father, Bror "Buntta" Wahlroos, was chief of staff in the Ministry of Trade and Industry. His mother, Marita Wahlroos, was a long-time friend of Martti Ahtisaari, who was a president of Finland (1994–2000) and they both worked in Africa. Bror Wahlroos was the Chief of Staff of the ministry for a total of 23 years. Wahlroos has transferred sums of his wealth to his children, partially to avoid the Finnish inheritance tax and other taxes.

In 1985, Wahlroos switched career to banking, joining the executive board of Suomen Yhdyspankki (SYP). In 1988, he was appointed Executive vice president and Head of Investment Banking & Treasury at SYP. Together with half a dozen of his colleagues, Wahlroos bought out the investment banking operations of UBF in 1992 and started the partnership & Co, which soon became the leading advisor of mergers and acquisitions in Scandinavia. Through a merger with Interbank in 1998, Mandatum was listed on the Helsinki Stock Exchange. Between 2011 and 2019, he was chairman of the board of Nordea.

Politics

While a student, Wahlroos was involved in left-wing politics. He was a member of in 1969–1973 and communist revolutionary student association in 1971–1973. He left extreme leftist politics in 1973. He has nevertheless given public comments that give an indication of his thoughts.

In 2001, he declared himself in favour of a citizen's income in Finland. "Basic security, in my mind, must never be threatened because it is an important part of human modern society", Wahlroos said in the Finnish newspaper , clearing way to negative income tax thinking. In March 2009, Wahlroos predicted that the economic recession would not endure for long, because the market corrects itself quickly. In March 2010, in an interview in the Image magazine, he spoke of the need to cut Finnish development aid because "we have 50 years of money thrown into a bottomless well". In addition, he has criticized giving grants to university students because it, according to Wahlroos, "supports idleness", and regards agricultural and forestry research expenditures as excessive. In June 2010, Wahlroos told the Financial Times that Europe will have to reconsider the future of the social market economy model, because people cannot be taxed in the future in the current fashion, and poverty and broken families are unsustainable. Wahlroos also believes that agricultural subsidies should be abolished throughout the world: "It is absurd that Finland is with one hand supporting the Zambian agribusiness and the other the EU common agricultural policy. (...) ...giving to developing countries at the same time ... when the EU is to abolish agricultural subsidies and open tariff barriers on agricultural products." At the same time he receives remarkable agricultural subsidies himself.

In 2015, Wahlroos published a book defending his laissez-faire economics viewpoint, Keynes (The ten worst economic theories: From Keynes to Piketty). In the book he argues, for instance, that stable economic development is difficult to implement in a democratic social system.

Wahlroos is a member of Libera, a foundation organized under Mont Pelerin Society.

Military

In the Finnish Defence Forces, Wahlroos holds the rank of major in the reserves.

Books published

  • Wahlroos, Björn: Markkinat ja demokratia. (Otava, 2012)
  • Wahlroos, Björn: Talouden kymmenen tuhoisinta ajatusta. (Otava, 2015)
  • Wahlroos, Björn: Kuinkas tässä näin kävi? (Otava, 2019)
  • Wahlroos, Björn: Barrikaadeilta pankkimaailmaan (Otava, 2021)

References

Sources

  • Personal data: Corresponding article on the Finnish Wikipedia
  • Sampo Board of Directors