Fugger Banking Empire
About Fugger Banking Empire
The Fugger family of Augsburg was the wealthiest banking dynasty of the Renaissance. Jacob Fugger the Rich financed the Habsburgs, popes, and kings. The Fuggers controlled silver, copper, and mercury mines across Europe. They arranged the election of Charles V as Holy Roman Emperor by bribing electors. At their peak, the Fuggers wealth was equivalent to 2 percent of European GDP. The family pioneered modern banking techniques including double entry bookkeeping and letters of credit. The Fugger company went bankrupt in 1647. The Fuggers social housing in Augsburg, the Fuggerei, still operates and charges 0.88 euros per year rent.
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