A process for the recovery of umcomplexed rhodium at a concentration of 3.9 to 17 ppm in an organic phase hydroformylation reaction product comprising extracting the organic phase reaction product with an aqueous solution of a sulfonate and/or carboxylate of organic phosphines of a formula ##STR12## wherein Ar.sup.1, Ar.sup.2 and Ar.sup.3 are individually selected form 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 ##STR13## R.sup.1 and R.sup.2 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 form 0 to 5, M is selected from the group consisting of alkali-metal, alkaline earth metal, zinc, ammonium and quaternary ammonium ions of the formula N(R.sub.3 R.sub.4 R.sub.5 R.sub.6).sup.3, R.sub.3, R.sub.4, R.sub.5 and R.sub.6 are individually alkyl of 1 to 4 carbon atoms in an amount of 2 to 300 moles of said phosphine per mole of rhodium and a solubilizer in an amount of 0.1 to 2.5% by weight based on the aqueous solution to recover more than 95% of the rhodium contained in the organic reaction product.