He is considered one of the greatest millionaires of all time. He also helped form the foundations of modern capitalism and society itself.
Jacob Fugger was considered one of the biggest millionaires in history. The researchers assured that it is the most powerful banker of all time. The businessman was a native of Germany and managed to raise what today would be 400 billion dollars, before his death in 1525.
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Despite his fortune, Fugger did not have great recognition in recent history. This is because the billionaire kept a low profile, he did not carry out enormous constructions nor did he hold political positions. Furthermore, few of the texts that mentioned it were translated into English. But despite not occupying a role in the State, He exerted his influence among the greatest figures in the governments of Europe.
Who was Jakov Fugger, the richest man in history?
Despite the difficulties of calculating money over time and inflation, it is estimated that Fugger’s fortune would exceed the combined assets of Bill Gates, Warren Buffet, Carlos Slim and Mark Zuckerberg. This is stated by biographer and former editor of The Wall Street Journal, Greg Steinmetz.
The latter studied Fugger because he had not heard him mentioned in his field of work but he was a practically unknown figure in the United States. His work led him to write a book about German banking. In it he describes that: “During the time that Fugger lived, the Renaissance, The world was controlled by two figures: the emperor of the Roman Empire and the Pope. And Fugger financed them both“.
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BBC
The 5 milestones in the life of Jakov Fugger
- The German banker He was one of the founders of capitalism by marketing spices and by achieving a monopoly in the copper and silver trade. This combination forged the beginnings of multinational companies.
- Fugger knew the value of information and wanted to get to it before his competitors. The German paid couriers to bring information about commercial activity and politics. This custom continued until form Fugger Newsletter, one of the first newspapers in history.
- He created the savings accounts that are currently used in banks. Even though the Catholic Church did not allow the payment of interest, Fugger convinced Pope Leo X to lift this prohibition and began offering his service with 5% annual interest.
- Funded explorers to explore the world. Fugger was 33 years old when Columbus arrived in America, this inspired him to Invest in the travels of Ferdinand Magellan.
- He maintained the business of selling indulgences with the Vatican. The money that the church received in exchange for forgiveness was used to finance St. Peter’s Cathedral and the other half went to Faith and Fugger.
