Jakob Fugger

Source: Wikipedia, the free encyclopedia.
Jakob Fugger
Augsburg, Holy Roman Empire
Died30 December 1525(1525-12-30) (aged 66)
Augsburg, Holy Roman Empire
Resting placeSt. Anna's Church
Spouse
Sybilla Artzt
​
(m. 1498)​
Parents
  • Barbara Bäsinger (mother)
RelativesAnton Fugger (nephew)
Jakob Fugger, in Bundeswehr Military History Museum, Dresden

Jakob Fugger of the Lily (

prebends. Even though he lived in a monastery, Jakob found time to study the history of investment in early Asian markets. American journalist Greg Steinmetz has estimated his overall wealth to be around $400 billion in today's money, equivalent to 2% of the GDP of Europe at that time.[a][1][2]

The foundation of the family's wealth was created mainly by the textile trade with Italy. The company grew rapidly after the brothers Ulrich, Georg and Jakob began banking transactions with the House of Habsburg as well as the Roman Curia, and at the same time began mining operations in Tyrol, and from 1493 on the extraction of silver, and copper in the kingdoms of Bohemia and Hungary. As of 1525 they also had the right to mine quicksilver and cinnabar in Almadén.

After 1487, Jakob Fugger was the de facto head of the Fugger business operations which soon had an almost monopolistic hold on the European copper market.[3] Copper from Hungary was transported through Antwerp to Lisbon, and from there shipped to India. Jakob Fugger also contributed to the first and only trade expedition to India that German merchants cooperated in, a Portuguese fleet to the Indian west coast (1505–1506), as well as a failed 1525 Spanish trade expedition to the Maluku Islands.

With his support of the

Habsburg dynasty as a banker, he had a decisive influence on European politics at the time. He financed the rise of Maximilian I and made considerable contributions to secure the election of the Spanish king Charles I to become Holy Roman Emperor Charles V. Jakob Fugger also funded the marriages which later resulted in the House of Habsburg gaining the kingdoms of Bohemia and Hungary
.

Jakob Fugger secured his legacy and lasting fame through his foundations in Augsburg. A chapel funded by him and built from 1509 to 1512 is Germany's first renaissance building and contains the tombs of the brothers Ulrich, Georg and Jakob. The Fuggerei which was founded by Jakob in 1521 is the world's oldest social housing complex still in use. The Damenhof, part of the Fuggerhäuser in Augsburg, is the first secular renaissance building in Germany and was built in 1515.

At his death on 30 December 1525, Jakob Fugger bequeathed to his nephew

Walhalla, a "hall of fame" near Regensburg
that honors laudable and distinguished Germans.

Life

Background, education and early years in Venice

Coat of arms of the Fugger of the lily family, granted in 1473

Jakob Fugger was born the tenth of eleven children to

Barbara Bäsinger (1419–1497), daughter of Münzmeister Franz Bäsinger. The Fugger family had already established themselves as successful merchants in the city. Hans Fugger, grandfather of Jacob Fugger the Rich had taken up residence in Augsburg in 1367, became a burgher through marriage and acquired considerable wealth by trading textiles with Italy. A few years before his death his son Jakob Fugger the Elder was already one of the richest citizens of Augsburg.[6]

Jakob's older brothers Ulrich (1441–1510) and Georg (1453–1506) created the basis for the rise of the company in Europe. Around 1470 they founded manufactories in Venice and Nuremberg, then important centers of trade. Jakob Fugger's brothers Andreas and Hans both died young in Venice. His brother Markus was a cleric and from 1470 on a writer in a papal chancery in Rome where he died in 1478. His brother Peter died in an epidemic in Nuremberg in 1473.[7][8]

Loans given to Emperor Frederick III and supplies given to his entourage by Ulrich Fugger were the reason for the family being granted the lily coat of arms in 1473.[9] The "of the lily" (German: von der Lilie) naming after this coat of arms distinguishes this line of the Fugger family from the "of the doe" (German: vom Reh) branch.

Until 2009 historians assumed that Jakob Fugger, who was a

canon in a church located in Herrieden. A document from the Austrian state archive has now shown that Jakob Fugger was already representing his family business in Venice in 1473 at the age of 14.[10] Other research showed that Jakob Fugger spent the years between 1473 and 1487 mostly at the Fondaco dei Tedeschi, the house of German merchants in Venice. Venice being one of the most important centers of trade at the time proved to be an ideal environment for Jakob Fugger's education in banking and the metal trade.[11] His long residence in Italy also helped bring the renaissance style to the German region, with his funding the construction of the first buildings of this style that originated in Italy. Legal and architectural structures of Venice also had a significant influence on the funding of the Fuggerei which was similar to the social housing of Venice
.

Beginnings of the mining and metal trade

Rich silver ore (Argentite) from Banská Štiavnica mines.

Jakob Fugger laid the foundation of his mining business in Salzburg. He provided loans to the independent silver mine owners in the Salzburg Slate Alps which had constant need for new capital. Instead of receiving the usual documents acknowledging debt, he demanded "Kuxe", which essentially made him a shareholder in the mines. Through this he forced more and more mine operators in the area of Gastein and Schladming to sell their silver directly to the Fugger family instead of intermediary traders.[12]

Jakob Fugger was responsible for his family's business in Augsburg,

Jan Thurzo, and they formed a powerful copper company in the neighbouring town of Banská Bystrica in 1495.[13] In 1517 the Fugger family financed more than half of Tyrol's public budget. As a result, they were at times entitled to all the silver and copper out of Tyrol.[14]

Relationship with Maximilian I

Emperor Maximilian I., Albrecht Dürer (1519)

The expansion of high-risk, albeit very lucrative business connections to Maximilian I was undoubtedly promoted by Jakob. In his view, the House of Habsburg was bound to be the dominant power and dynasty within the German region, and as such should receive his financial and political support. Jakob Fugger met the young Roman-German king for the first time in 1489 at a Frankfurt fair. At that time, his plans for the independent Duchy of Tyrol had been agreed upon with the king's chancellor, Johann Waldner. On 16 March 1490 Sigismund and the Tyrol Estates came together with King Maximilian also present. The archduke had to resign under the pressure from the estates, who accused him of mismanagement, and his possessions fell to the king. Maximilian then promised to repay all loans of its predecessor to Jakob Fugger.[15]

Thus the Fugger business became one of the most important financial backers of Maximilian, who since 1486 was co-regent of the

Hungary gained for the House of Habsburg, not by waging war but through advantageous marriage arrangements which were funded with the help of Jakob Fugger.[16]

On 15 July 1507 Maximilian I sold the County of

Further Austria to Jakob Fugger.[17] Maximilian I who crowned himself Holy Roman Emperor in 1508 received a payment of 50,000 guilders for these sales. More sales followed in 1508 where he sold manor Schmiechen and in 1514 where he sold the lordship Biberbach to Fugger. Maximilian I elevated Jakob Fugger into nobility in 1511 and granted him the title of Imperial Count in 1514 so the former burgher could operate his business without interference from local nobility.[18][19] In the course of his life Jakob Fugger also became lord of more than 50 smaller villages.[18]

Criticism from reformer

Prince-electors would choose him. Thereby he helped prevent the election of Francis I of France
which would have endangered his claims and investments gravely, although it also made him highly dependent on the House of Habsburg.

Much later the Fugger family lost a large portion of their wealth following three Spanish state bankruptcies (1557, 1560, 1575) under the reign of Philip II of Spain.[21][22]

Mining and metal trade

Fugger Family
Augsburg, Nuremberg Chronicle (1493)

Likely at the insistence of Jakob Fugger the company became one of the first open trading companies (German: "der compagnia palese des welschen Rechts")[23] in Europe in 1494. At the same time, it was renamed into "Ulrich Fugger of Augsburg and brothers" to show the equality of the three brothers involved in business issues, even though Tyrolean sources almost universally speak of the Jakob Fugger company and central contracts of the Hungarian trade were all signed by him. At this development the greatly increased influence of Jakob within the company can be observed. During the late 1480s Jakob Fugger dominated the company's policies, although the eldest brother Ulrich still formally led the company.[24]

The enormous growth potential in the

Triest and Zengg to the copper market in Venice. At the time mines from both Tyrol and Hungary provided the bulk of the total European production in copper which provided an incredibly advantageous position in the European market, albeit not a total monopoly.[29]

The Vatican as a client

Swiss Guard, 2009

The Fugger family were the first German trading house in a direct business relationship with the Roman Curia.

Sacco di Roma" and the less German-friendly Medici Pope Clement VII.[32]

Overseas trade

The commodity trade played a relatively small role compared to the two main branches of the Fugger business, banking and mining. It is only because of the associated exotic investments that Jakob Fugger's early trading expeditions take a prominent place in the history of the Fugger business.

After

export good
for the trade with India.

Unlike the

Garcia de Loaisa.[34] There is some evidence that he financed Magellan's famed voyage.[35]

The great crisis of Jakob Fugger

Especially for mining projects in

Julius II in a war against the Republic of Venice the Habsburg monarch was recognized as being the rightful heir of Cardinal Melchior von Meckau. The inheritance could now be settled by amortizing outstanding debts. Fugger also had to deliver jewels as compensation to the Pope. However, in return for his support, Maximilian I demanded the continuous financial support of his ongoing military and political campaigns.[37]

Since the death of his brothers Georg in 1506 and Ulrich in 1510, Jakob Fugger was now running the Fugger business as the sole policy and decision maker. The company was renamed into "Jakob Fugger und Gebrüder Söhne" (Jakob Fugger and Brother's Sons). In the following years up until his death Jakob Fugger managed to raise the family fortune which amounted to about 200,000 guilders in 1511 to more than 2,000,000 guilders, perhaps 2% of Europe's GDP.[38]

Election of Charles V in 1519

Portrait of Charles V, Bernard van Orley (1519 to 1520)

Duke of Saxony
.

This was a difficult situation for Charles who now relied on the riches of Jakob Fugger to sway the election in his favor. Fugger transferred the enormous sum of more than 850,000 guilders to the Prince-electors which ultimately resulted in the unanimous election of Charles Holy Roman Emperor on 28 July 1519. Out of this 850,000 guilders Fugger himself funded around 550,000 while another merchant house of Augsburg, the Welser family, contributed about 150,000 and three Italian bankers providing the rest. What today would be seen as bribery was common practice in the election of the Emperor. Exceptional however were the immense sums involved, mainly due to the keen competition among the princely candidates.[39]

A few days later the Pope granted Charles the right to name himself Elected Emperor. It was only in 1530 that Charles V was crowned Emperor by the Pope in Bologna. He was the last Emperor to receive a papal coronation.[40] Charles V, since his election reigning over a realm where the sun never set, was now deeply indebted to Jakob Fugger. In 1521 the debts amounted to more than 600,000 guilders. The Emperor amortized 415,000 of this sum and in return granted the Fugger company the silver and copper mining operations of Tyrol.[34] During the Imperial Diet of 1523 in Nuremberg it was debated whether to restrict trade capital and the number of trade establishments companies were allowed to maintain. Jakob Fugger intervened and reminded the Emperor that "It is known that your imperial majesty could not have claimed the Roman crown without my help,..." (German: „Es ist auch wissentlich und liegt am Tage, dass Eure Kaiserliche Majestät die römische Krone ohne mein Zutun nicht hätte erlangen können,…")[41] The added demand of repayment of all debts eventually led to all discussions of trade restrictions and limits to monopolies being dropped. In addition to this Jakob Fugger was granted a concession to mine quicksilver and cinnabar in Almadén. The Fugger company was involved in the Spanish mining business up to the year 1645.[42]

Marriage, heritage and successors

Portrait of Jakob Fugger and Sibylle Artzt, around 1500
Jakob Fugger and Sybille Artzt, Miniature in the Ehrenbuch of the Fugger family, Augsburg, Workshop Jörg Breu der Jüngere, 1545–1549

In 1498 the 40-year-old Jakob Fugger married Sybille Arzt (also: Artzt) Grand Burgheress of

Edward VI of England to become part of the Crown Jewels of England.[43] Jakob wanted to demonstrate that he was after all equal to the Habsburgs, at least financially. However the jewels were left in a chest in the basement of his house for fear of theft and envy. The couple had no children. Seven weeks after her husband died, Sybille Arzt married a business partner of Jakob and converted to the Protestant faith.[44]

Jakob Fugger died on 30 December 1525. The inventory performed by his heirs revealed assets totaling 3,000,058 guilders and liabilities amounting to 867,797 guilders resulting in a surplus of 2,132,261 guilders.[45]

Because he had no direct descendants, the company and its assets were bequeathed to his nephews Raymund and Anton Fugger, who also led the company. Anton managed to double the family's fortune once more by 1546.[46]

Religious views and Reformation

Jakob was a lifelong

Reformation. After the Diet of Augsburg in 1518, Martin Luther had to answer for his theses in the Fugger House before Cardinal Thomas Cajetan, who had been commissioned by the Pope. When Martin Luther refused to retract his theses, he had to flee the city at night.[51]

The citizens of

Protestant city of Augsburg
.

Only a few years after Jacob Fugger's death the Augsburg Confession by Philip Melanchthon was formulated at the Diet of Augsburg in 1530. The Confessio Augustana represents the confessional and founding document of the Lutheran Church. The descendants of Jacob Fugger have remained Catholic to this day.

Foundations and buildings of Jakob Fugger

Fugger chapel in the Annakirche

Main article: St. Anne's Church, Augsburg
The Fugger chapel in the Annakirche, Augsburg, 2007

Together with his brother Ulrich and on behalf of his deceased brother Georg, Jakob Fugger founded the Fugger chapel in the Carmelite monastery's St. Anna church located in Augsburg. It became the burial place of the three brothers and the two nephews Raymund Fugger and Hieronymus Fugger (1499–1538).

Construction began in 1509 and was finished in 1512. The chapel was modeled after Italian burial chapels with clear influences out of Venice and Rome, thereby becoming Germany's first renaissance construction. The interior was designed with the help of many notable German artists of the time, such as Albrecht Dürer, Hans Burgkmair, Jörg Breu the Elder and Hans Daucher. The building is thought to have been built in preparation for Fugger's elevation into nobility and to distance himself from the local Patricians. Furthermore, it was a medium to preserve the name and memory of Fugger in the style of the Italian "Memoria" architecture.[52]

In 1518 the chapel was consecrated to the patron saint of Jesus Christ in the altar sacrament, the Holy Virgin Mary and the Evangelist Matthew and has remained a consecrated Catholic place of worship to this day. When St. Anne's Church became Protestant in 1548, the Fugger Chapel remained Catholic because the Fugger Foundation continued to look after it and contributed to the upkeep of the church. This is how the remarkable fact came about that part of the church is denominationally different from the rest, and that the burial place of the Fugger family, who are considered strictly Catholic, is now in a Protestant church.[53]

Fuggerhäuser in Augsburg

Main article: Fuggerhäuser
Damenhof in the Fuggerhäuser in Augsburg

The Fugger family already owned two houses in Augsburg in prominent locations when Jakob Fugger built the Fuggerhäuser near the wine-market (now Maximilianstraße) from 1512 to 1515. The Builder of this Residence was most likely Hans Hiebe. Inside the Fuggerhäuser, the Damenhof (Ladies courtyard) was modeled after the florencian style grand courtyards, thus becoming Germany's first secular renaissance building. The complex was expanded once more in 1523 to accommodate the receiving of illustrious guests. The Fuggerhäuser were the private residence and administrative center of Jakob Fugger and his wife Sybille Fugger-Arzt.[54]

Later members of the Fugger family enlarged the complex several times. The complex was mostly destroyed during air raids on Augsburg in World War II and rebuilt in a simplified way in 1955. The courtyards and several other rooms however are still in their original state. The houses are still owned by the Fugger family, partly being used to house the Fürst Fugger Privatbank.

St.-Moritz-Prädikatur-Stiftung

In 1515 Jakob Fugger advocated for an improved sermon in the church of his parish

Leo X issued a papal bull
granting Fugger and his heirs the Patronage to the church and being able to choose the priest. The foundation still exists and the Fugger family still recommends the priests.

Fuggerei

Main article: Fuggerei
View into the Herrengasse of the Fuggerei

Beginning in 1516 Jakob Fugger funded the construction of a settlement for craftsmen and day laborers in need. In 1523, 52 houses of the estate were built. It was first named Fuggerei in 1531. Originally it was meant to house people who were in a difficult situation through no fault of their own until they could establish a stable household on their own. The yearly rent was one symbolic guilder, though additionally requested were three daily prayers in the name of Fugger and his family.

The settlement was expanded several times, lastly in 1973. About 150 people live in the Fuggerei today, still paying an annual rent of the equivalent of one guilder (0.88 €). The Fuggerei is a major tourist attraction of Augsburg and since 2006 also houses a museum. The settlement is still administered by the descendants of the Fugger family and financed through a foundation (originally from 1521).

Other foundations and buildings

Jakob Fugger made several contributions to churches and monasteries in Augsburg some of which still show the Fugger family's coat of arms. He funded the church San Blas in Almagro, Spain and the reconstruction of the Santa Maria dell'Anima in Rome.[55] He also built a chapel in Oberkirchberg as well as building a palace in Weißenhorn.[18]

Literature

Academic

Popular

In fiction

Family tree

References

  1. ^ Steinmetz, Greg. "Opinion: 7 money-making lessons from the richest man who ever lived". MarketWatch. Retrieved 21 May 2021.
  2. ^ Greg Steinmetz, The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger, Simon & Schuster 2015, p. xiv
  3. ^ Peter Geffcken: Fugger – Geschichte einer Familie: "Die Handelsherren mit dem Dreizack" [Fugger: History of a family: The merchants with the trident]. In: DAMALS 7/2004
  4. ^ "Anton Fugger". Encyclopædia Britannica.
  5. ^ "Jakob Fugger". The Wall Street Journal.
  6. ^ Häberlein 2006, pp. 20–22
  7. ^ Pölnitz 1999, pp. 44–46
  8. ^ Häberlein 2006, pp. 34–35
  9. ^ Häberlein 2006, p. 26
  10. ^ Geffcken 2009, p. 15
  11. ^ Pölnitz 2009, pp. 32–33
  12. ^ Strieder 1931, pp. 110–12
  13. ^ a.s, Petit Press (8 July 2002). "Mineral and political wealth of Banská Bystrica mining region has flown". spectator.sme.sk.
  14. ^ Eike Eberhard Unger: Die Fugger in Hall i.T., Tübingen 1967
  15. ^ Pölnitz 1999, p. 60
  16. ^ "Luminarium Encyclopedia: Maximilian I, Holy Roman Emperor". www.luminarium.org.
  17. ^ Sarah Hadry: Die Fugger in Kirchberg und Weißenhorn. Herrschaftsverfassung und Leibeigenschaft, Konfessionalisierung und Residenzbildung, Augsburg 2007
  18. ^ a b c Häberlein 2006, p. 188
  19. ^ Pölnitz 1999, p. 112
  20. ^ Mark Häberlein: Die Fugger. Geschichte einer Augsburger Familie (1367–1650), Stuttgart 2006
  21. ^ Häberlein 2006, p. 101
  22. ^ Pölnitz 1999, p. 255
  23. ^ "Jahresberichte für Deutsche Geschichte". pom.bbaw.de. Archived from the original on 14 July 2012. Retrieved 28 February 2012.
  24. ^ Peter Geffcken: Jakob Fugger der Reiche (1459–1525): "Königsmacher", Stratege und Organisator". In: DAMALS 7/2004
  25. ^ Pölnitz 1999, pp. 76 et seq.
  26. ^ Häberlein 2006, p. 46
  27. ^ Pölnitz 1999, p. 291
  28. ^ Häberlein 2006, p. 80
  29. ^ Häberlein 2006, pp. 46–48
  30. ^ Fugger – Geschichte einer Familie: "Die Handelsherren mit dem Dreizack". In: DAMALS 7/2004
  31. ^ "Jakob Fugger and the Reformation". remus.shidler.hawaii.edu. Archived from the original on 22 October 2019. Retrieved 19 October 2019.
  32. ^ Häberlein 2006, p. 50
  33. ^ Hümmerich, Franz (10 April 1922). "Die erste deutsche Handelsfahrt nach Indien, 1505/06 : ein Unternehmen der Welser, Fugger und anderer Augsburger sowie Nürnberger Häuser". München : R. Oldenbourg – via Internet Archive.
  34. ^ a b Häberlein 2006, p. 66
  35. ^ Steinmetz, Greg (2015). The Richest man who ever lived: the life and times of Jakob Fugger. Simon and Schuster.
  36. ^ Pölnitz 1999, pp. 79 et seq.
  37. ^ Häberlein 2006, pp. 61–63.
  38. ^ Richard Ehrenberg: Das Zeitalter der Fugger, Geldkapital und Creditverkehr im 16. Jahrhundert (2 Bde), Jena 1896
  39. ^ Strieder 1931, p. 151
  40. ^ Maltby, William, The Reign of Charles V, St. Martin's Press, 2002[page needed]
  41. ^ Franz Herre: Die Fugger in ihrer Zeit, Augsburg, 2000[page needed]
  42. ^ Pölnitz 1999, pp. 320–21
  43. JSTOR 875015
    .
  44. ^ Barbara Günther: Sybille Fugger, die Frau Jakobs des Reichen., 1985
  45. ^ Richard Ehrenberg: Das Zeitalter der Fugger, Geldkapital und Creditverkehr im 16. Jahrhundert (2 Bde), Jena 1896
  46. ^ Häberlein 2006, pp. 67–68
  47. ^ Christiane Schuchard: What is an indulgence commissioner?; in: ed. H. Kühne, Johann Tetzel and the indulgence: Companion volume to the exhibition »Tetzel – indulgence – purgatory«; exhibition in St. Nikolai church (Jüterbog) and in the monks' monastery; ISBN 978-3-86732-262-1 publisher Lukas Verlag, July 2017, p. 122
  48. ^ Luther's nuisance: indulgence for the new building of St. Peter's, Letter of indulgence for the good of the new building of St. Peter's in Rome, 1517, Herzog August Library, Wolfenbüttel
  49. ^ At first, "the pope demanded twelve thousand ducats for the twelve apostles. Albert offered seven thousand ducats for the seven deadly sins. They compromised on ten thousand, presumably not for the Ten Commandments". Bainton, Roland. Here I Stand: A Life of Martin Luther (Nashville: Abingdon Press, 1950), p. 75, online
  50. ^ O'Malia, Joseph. "Albert of Brandenburg". The Catholic Encyclopedia. New York: Robert Appleton Company. Retrieved 16 May 2020.
  51. ^ Heinrich Ernst Ferdinand Guericke: Neuere Kirchengeschichte (Recent church history), 6th edition. 3rd volume, p. 48, Leipzig, 1846; (Digitalscan)
  52. ^ Benjamin Scheller: Memoria an der Zeitenwende. Die Stiftungen Jakob Fuggers des Reichen vor und während der Reformation (ca. 1505–1555), Berlin 2004
  53. ^ Website of the Evangelical Lutheran Deanery Augsburg: 500 Jahre Fuggerkapelle (500 years Fugger Chapel, 2018).
  54. ^ Häberlein 2006, pp. 143–45
  55. ^ Norbert Lieb: Die Fugger und die Kunst. Band 1: Im Zeitalter der Spätgotik und der frühen Renaissance, München 1952
  1. ^ In 2019, 2% of Europe's GDP would have been US$303 billion.

Further reading

  • The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger by
    ISBN 978-1451688559

External links

Wikimedia Commons has media related to Jakob Fugger.

Retrieved from "https://en.wikipedia.org/w/index.php?title=Jakob_Fugger&oldid=1218877542"