Meet the Fuggers: Jakob ‘the Rich’.
Meet the Fuggers: Jakob ‘the Rich’.
The story of the Fugger family, who controlled Europe’s economy and society in the 15th and 16th centuries.
Jakob ‘the Rich’ Fugger and his family were bankers and merchants who controlled much of Europe’s economy in the 15th and 16th centuries. One of Europe’s wealthiest families, the Fuggers created kings, gave life to cities and led to a split within the Church.
Originating in the Bavarian city Augsburg, they accumulated enormous wealth and controlled a significant amount of trade, particularly in mining. The Fuggers were one of the most influential families of the era. Jakob ‘the Rich’ is considered one of the wealthiest individuals in history, with an estimated fortune equivalent to 400 billion euros today.
In Augsburg, the Fugger family’s hometown, Jakob established one of his most renowned philanthropic endeavours: the Fuggerei. Founded in 1521, the Fuggerei provided affordable housing for the city’s poorest citizens at a cost of one florin (equivalent to 0.88 euros) per year, along with the obligation to offer three prayers for Jakob.
Remarkably, the rent has remained unchanged to this day. It remains the oldest existing example of social housing.
Source: https://www.europeana.eu/en/blog/meet-the-fuggers-jakob-the-rich-and-his-family