In a process for the production of aldehydes by hydroformylation by reaction of an olefin, carbon monoxide and hydrogen in the presence of water, the improvement comprising effecting the reaction in the presence of a quaternary ammonium solubilizer of the formula ##STR12## wherein A is a straight or branched alkyl, alkoxy, hydroxyalkyl, substituted or unsubstituted aryl having 6-25 carbon atoms, or R.sup.7 CONHCH.sub.2 CH.sub.2 CH.sub.2 -- wherein R.sup.7 is a straight or branched alkyl having 5-11 carbon atoms;
- B is alkyl or hydroxyalkyl of 1 to 4 carbon atoms C and D are each independently chosen from straight or branched alkyls or .omega.--hydroxyalkyl of 1 to 4 carbon atoms or C and D, together with the bridging N, form a 5 or 6 membered heterocyclic ring;
- and E is selected from chloride, bromide, iodide, sulfate, tetrafluoroborate, acetate, methosulfate, benzene sulfate, alkylbenzene sulfate, sulfonate, toluene sulfonate, lactate, and citrate and a water-soluble complex of rhodium and a trisulfonated and/or tricarboxylated triarylphosphine of the formula ##STR13## wherein Ar.sup.1, Ar.sup.2 and Ar.sup.3 are individually selected from the group consisting of phenyl and naphthyl, Y.sup.1, Y.sup.2 and Y.sup.3 are individually selected from the group consisting of alkyl and alkoxy of 1 to 4 carbon atoms, halogen, hydroxy, cyano, nitro and ##STR14## and R.sup.1 and R.sup.2 are individually alkyl of 1 to 4 carbon atoms, X.sup.1, X.sup.2 and X.sup.3 are individually selected from the group consisting of carboxylate (COO--) and sulfonate (--SO.sub.3 --), m.sub.1, m.sub.2 and m.sub.3 are individually an integer from 0 to 3 with the sum of m.sub.1, m.sub.2 and m.sub.3 being at least one, n.sub.1, n.sub.2 and n.sub.3 are individually integers from 0 to 5, M is selected from the group consisting of alkali-metal, alkaline earth metal, zinc, --NH.sub.3, quaternary ammonium N(R.sub.3 R.sub.4 R.sub.5 R.sub.6)+, R.sub.3, R.sub.4, R.sub.5 and R.sub.6 are individually alkyl of 1 to 4 carbon atoms.