Box size known. Text string length unknown. Fit text to box without ruining its aspect ratio.
first of all: just saw that the answer doesn't precisely address your need - it might still be an option, so here we go:
you are rightly observing that svg doesn't support word-wrapping directly. however, you might benefit from foreignObject elements serving as a wrapper for xhtml fragments where word-wrapping is available.
have a look at this self-contained demo (available online):