Jacob Fugger
Encyclopedia
Jacob Fugger (6 March 1459 – 30 December 1525), sometimes known as Jacob Fugger the Rich, was a German
banker and a member of the Fugger
family.
n town of Augsburg
in the Holy Roman Empire
. He was the son of Jakob Fugger the Elder, a weaver and councilman in Augsburg. A trader like his brothers, he learned double-entry bookkeeping in Venice
. Inheriting his father's business of trading, Fugger expanded the family enterprise to the Adriatic Sea
via the port of Venice
. He married Sibylla Artzt in 1498, but they had no children.
He was elevated to the nobility of the Holy Roman Empire
in May 1511, and in 1519, led a consortium of German and Italian businessmen that loaned Charles V
850,000 florin
s (about 95,625 troy ounce
s, or almost 3 tonne
s, of gold) to procure his election as Holy Roman Emperor
over Francis I of France
. The Fugger's contribution was 543,000 florins.
At his death on 30 December 1525 Jacob Fugger bequeathed to his nephew Anton Fugger
company assets totaling 2,032,652 guilders. He is considered to be one of the richest persons of all time, and today he is well known as Jakob Fugger 'the rich'.
. He created and endowed the Fuggerei
, a Roman Catholic social housing complex within the walls of the Renaissance city founded in 1514 and built during the nine-year period 1514-1523. The Fuggerei became famous throughout Europe for its relatively benevolent operations and clean public spaces, an almost unimaginable improvement from the squalor in which poor people and urban peasants had been forced to live in previous generations.
The Fuggerei remains in operation to this day, albeit with many changes enacted to the rules laid down in the sixteenth century. Rebuilding was necessary after World War II
. The rent due from tenants has been translated from a nominal 1.0 Rheinischer Gulden
per year - a single silver coin - to an equally nominal 0.88 Euro/year. There is a lengthy waiting-list.
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
banker and a member of the Fugger
Fugger
The Fugger family was a historically prominent group of European bankers, members of the fifteenth and sixteenth-century mercantile patriciate of Augsburg, international mercantile bankers, and venture capitalists like the Welser and the Höchstetter families. This banking family replaced the de'...
family.
Biography
Fugger was born on 6 March 1459 in the SwabiaSwabia
Swabia is a cultural, historic and linguistic region in southwestern Germany.-Geography:Like many cultural regions of Europe, Swabia's borders are not clearly defined...
n town of Augsburg
Augsburg
Augsburg is a city in the south-west of Bavaria, Germany. It is a university town and home of the Regierungsbezirk Schwaben and the Bezirk Schwaben. Augsburg is an urban district and home to the institutions of the Landkreis Augsburg. It is, as of 2008, the third-largest city in Bavaria with a...
in the Holy Roman Empire
Holy Roman Empire
The Holy Roman Empire was a realm that existed from 962 to 1806 in Central Europe.It was ruled by the Holy Roman Emperor. Its character changed during the Middle Ages and the Early Modern period, when the power of the emperor gradually weakened in favour of the princes...
. He was the son of Jakob Fugger the Elder, a weaver and councilman in Augsburg. A trader like his brothers, he learned double-entry bookkeeping in Venice
Venice
Venice is a city in northern Italy which is renowned for the beauty of its setting, its architecture and its artworks. It is the capital of the Veneto region...
. Inheriting his father's business of trading, Fugger expanded the family enterprise to the Adriatic Sea
Adriatic Sea
The Adriatic Sea is a body of water separating the Italian Peninsula from the Balkan peninsula, and the system of the Apennine Mountains from that of the Dinaric Alps and adjacent ranges...
via the port of Venice
Republic of Venice
The Republic of Venice or Venetian Republic was a state originating from the city of Venice in Northeastern Italy. It existed for over a millennium, from the late 7th century until 1797. It was formally known as the Most Serene Republic of Venice and is often referred to as La Serenissima, in...
. He married Sibylla Artzt in 1498, but they had no children.
He was elevated to the nobility of the Holy Roman Empire
Holy Roman Empire
The Holy Roman Empire was a realm that existed from 962 to 1806 in Central Europe.It was ruled by the Holy Roman Emperor. Its character changed during the Middle Ages and the Early Modern period, when the power of the emperor gradually weakened in favour of the princes...
in May 1511, and in 1519, led a consortium of German and Italian businessmen that loaned Charles V
Charles V, Holy Roman Emperor
Charles V was ruler of the Holy Roman Empire from 1519 and, as Charles I, of the Spanish Empire from 1516 until his voluntary retirement and abdication in favor of his younger brother Ferdinand I and his son Philip II in 1556.As...
850,000 florin
Italian coin florin
The Italian florin was a coin struck from 1252 to 1533 with no significant change in its design or metal content standard. It had 54 grains of nominally pure gold worth approximately 200 modern US Dollars...
s (about 95,625 troy ounce
Troy ounce
The troy ounce is a unit of imperial measure. In the present day it is most commonly used to gauge the weight of precious metals. One troy ounce is nowadays defined as exactly 0.0311034768 kg = 31.1034768 g. There are approximately 32.1507466 troy oz in 1 kg...
s, or almost 3 tonne
Tonne
The tonne, known as the metric ton in the US , often put pleonastically as "metric tonne" to avoid confusion with ton, is a metric system unit of mass equal to 1000 kilograms. The tonne is not an International System of Units unit, but is accepted for use with the SI...
s, of gold) to procure his election as Holy Roman Emperor
Holy Roman Emperor
The Holy Roman Emperor is a term used by historians to denote a medieval ruler who, as German King, had also received the title of "Emperor of the Romans" from the Pope...
over Francis I of France
Francis I of France
Francis I was King of France from 1515 until his death. During his reign, huge cultural changes took place in France and he has been called France's original Renaissance monarch...
. The Fugger's contribution was 543,000 florins.
At his death on 30 December 1525 Jacob Fugger bequeathed to his nephew Anton Fugger
Anton Fugger
Anton Fugger was a German merchant and member of the Fugger family. He was a nephew of Jacob Fugger.-Biography:...
company assets totaling 2,032,652 guilders. He is considered to be one of the richest persons of all time, and today he is well known as Jakob Fugger 'the rich'.
Soveriegn loans
Fugger was well-known throughout Europe, and used his eventual fortune to lend money to its rulers. Fugger often provided mercenary armies with monetary resources so they could wage war against one another.Fuggerei
Fugger was known to citizens of his home city, Augsburg, as a benefactorBenefactor
A benefactor is a person who gives some form of help to benefit a person, group or organization , often gifting a monetary contribution in the form of an endowment to help a cause...
. He created and endowed the Fuggerei
Fuggerei
The Fuggerei is the world's oldest social housing complex still in use. It is a walled enclave within the city of Augsburg, Bavaria. It takes it name from the Fugger family and was founded in 1516 by Jacob Fugger the Younger as a place where the needy citizens of Augsburg could be housed...
, a Roman Catholic social housing complex within the walls of the Renaissance city founded in 1514 and built during the nine-year period 1514-1523. The Fuggerei became famous throughout Europe for its relatively benevolent operations and clean public spaces, an almost unimaginable improvement from the squalor in which poor people and urban peasants had been forced to live in previous generations.
The Fuggerei remains in operation to this day, albeit with many changes enacted to the rules laid down in the sixteenth century. Rebuilding was necessary after World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
. The rent due from tenants has been translated from a nominal 1.0 Rheinischer Gulden
Gulden
Gulden is the historical German term for gold coin Gulden is the historical German term for gold coin Gulden is the historical German term for gold coin (from Middle High German guldin [pfenni(n)c] "golden penny", equivalent to the Dutch term guilder...
per year - a single silver coin - to an equally nominal 0.88 Euro/year. There is a lengthy waiting-list.