Lord Wolfson of Tredegar would not appear to be related to the Wolfson baronets and the other Wolfson life peers.
The common ancestor of the baronets and the life peers, other than Lord Wolfson of Tredegar, was Solomon Wolfson , JP (1868–1941), who emigrated from Polish-Russia to Glasgow in the late 19th century.
Lord Wolfson of Tredegar's great-grandfather, Aaron Wolfson (1874 - 1946), emigrated to Tredegar from the Ukraine; he was naturalised in the UK on 14 September 1911. Aaron Wolfson's original surname was Zamchover, and his father's name was Ze'ev Zamchover: Ze'ev means wolf in Hebrew, hence the new surname which Aaron adopted.