Death of Jakob Fugger the Rich

A middle-class lad from Augsburg becomes the richest man in Europe

The Fuggers – a family of Augsburg merchants – grew rich first by trade and then as money lenders to the Roman-German Emperor. Born in 1459 as the youngest of seven brothers, Jakob Fugger was intended for a career in the Church, but was drafted into the family business upon the death of his father and a number of his elder brothers. Spending a period of his apprenticeship in Venice, Jakob learned the banking and metal trade and was able to apply this knowledge when he returned to the family business. After diversifying into the silver and copper mining business, Jakob Fugger quickly achieved a dominant position in the European mining industry and expanded across Europe from Spain to Russia. As Emperor Maximilian’s most important lender, Jakob Fugger became the most significant merchant, mining entrepreneur and banker in Europe after the death of his last brothers. In return, he was ennobled and granted lands in Swabia. He financed the election of Charles V, ensuring that the French king was unable to secure the necessary votes.

Although Jakob Fugger was one of the earliest capitalists, he was not, as is sometimes claimed, the first of Europe’s new breed of businessmen. He owed his success to his well-organized family business, capable employees, extensive network of branches and strictly profit-oriented approach. Even 500 years after his death, Jakob Fugger still appears on lists of the richest people of all time. He is also renowned as the founder of the world’s oldest social housing estate, which is still in existence today. He built the Fuggerei in Augsburg, a settlement for impoverished citizens. In return for shelter, residents were required to say daily prayers for Fugger and his family. Jakob Fugger died on 30 December 1525, aged 66.