21 dukes banking

21 dukes banking

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The Fuggers held a near monopoly on the European copper market. This banking family replaced the de' Medici family , who influenced all of Europe during the Renaissance.

The Fuggers took over many of the Medicis' assets and their political power and influence. They were closely affiliated with the House of Habsburg whose rise to world power they financed.

Unlike the citizenry of their hometown, they never converted to Lutheranism as presented in the Augsburg Confession , but remained with the Catholic Church.

Today, he is considered to be one of the wealthiest people to ever live. The company was dissolved in , however the Fuggers remained wealthy landowners and ruled the County of Kirchberg and Weissenhorn.

He married Klara Widolf and became an Augsburg citizen. After Klara's death, he married Elizabeth Gattermann. He joined the weaver's guild, and by he was ranked high in the list of taxpayers.

He added the business of a merchant to that of a weaver. His eldest son, Andreas Fugger , was a merchant in the weaving trade, and was nicknamed "Fugger the Rich" [2] after buying land and other properties.

The Fugger family itemized and inventoried a large number of Asian rugs, an unusual undertaking at the time.

His descendants served their cousins of the famous younger branch and later went to Silesia. Contemporary members of the Fugger of the Deer German: The current patriarch is Markus Fugger von dem Rech born Hans Fugger's younger son, Jakob the Elder , founded another branch of the family.

This branch progressed more steadily and they became known as the "Fuggers of the Lily" after their chosen arms of a flowering lily on a gold and blue background.

Jakob was a master weaver, a merchant, and an alderman. He married Barbara Basinger , the daughter of a goldsmith.

His fortune progressed, and by , he was the twelfth richest man in Augsburg. He died in Jakob's eldest son, Ulrich, took over the business on his father's death, and in he provided new suits of clothes to Frederick, his son Maximilian I , and his suite on their journey to Trier to meet Charles the Bold of Burgundy and the betrothal of the young prince to Charles's daughter Maria.

Thus began a very profitable relationship between the Fugger family and the Habsburgs. With the help of their brother in Rome, Markus, Ulrich and his brother George handled remittances to the papal court of monies for the sale of indulgences and the procuring of church benefices.

From to they leased the Roman mint. Ulrich died in When the Fuggers made their first loan to the Archduke Sigismund in , they took as security an interest in silver and copper mines in the Tirol.

This was the beginning of an extensive family involvement in mining and precious metals. Their trade in spices, wool, and silk extended to almost all parts of Europe.

Ulrich's youngest brother Jakob Fugger , born in , was to become the most famous member of the dynasty. They had no children, but this marriage gave Jakob the opportunity to elevate to Grand Burgher of Augsburg and later allowed him to pursue a seat on the city council Stadtrat of Augsburg.

He was elevated to the nobility of the Holy Roman Empire in May , created Imperial Count in , and in led a consortium of German and Italian businessmen that loaned Charles V , florins about 95, oz t of gold to procure his election as Holy Roman Emperor over Francis I of France.

In , the Fuggers established their first public company. Jakob's aim was to establish a copper monopoly by opening foundries in Hohenkirchen and Fuggerau named for the family, in Carinthia and by expanding the sales organization in Europe, especially the Antwerp agency.

At the height of his power Jakob Fugger was sharply criticized by his contemporaries, especially by Ulrich von Hutten and Martin Luther , for selling indulgences and benefices and urging the Pope to rescind or amend the prohibition on the levying of interest.

The imperial fiscal and governmental authorities in Nuremberg brought action against him and other merchants in an attempt to halt their monopolistic tendencies.

In , Jakob deposited 15, florins as an endowment for some almshouses. In , he bought up part of Augsburg and in came to an agreement with the city that he would build and provide a number of almshouses for needy citizens.

By , 52 houses had been built, and the Fuggerei had come into existence. It is still used today. Jakob died in He is considered to be one of the richest persons of all time, [7] and today he is well known as Jakob Fugger "the rich".

Jakob's successor was his nephew Anton Fugger , son of his elder brother Georg. Anton was born in , married Anna Rehlinger, and died in Permanent Age Partnership Today.

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