The competition is organized annually by the Electrolux Group and aims to encourage students from around the world to design household appliances for the future.

CNN: Ioning your way to cleaner clothes

Other Wallenberg-controlled companies with option schemes in the works include Electrolux, SKF Group and Stora.

FORBES: Capitalism is contagious

The two left in 1989 to buy a failing Electrolux subsidiary Gentinge Group, a medical products company that was losing money.

FORBES: Hiding In Plain Sight, Swedish Industrialist Carl Bennet Joins Billionaires' Club