Nicknamed “El Rico”, he was one of the most successful bankers in the world at his time and his story was forgotten.
There are few figures who were influential in their time and who Then they were forgotten in history. This list includes Jacob Fugger. And the German banker managed to amass a fortune equivalent today to US$400,000 million.
If I lived today, I would have more money than Bill Gates, Warren Buffet, Carlos Slim and Mark Zuckerberg combined. Not for nothing was he nicknamed “The Rich”. “Jakob Fugger was undoubtedly the most powerful banker of all time“said his biographer and former editor of The Wall Street Journal, Greg Steinmetz.
Who was Jakob Fugger
Jakob Fugger (1459-1525) always kept a low profilehence the lack of knowledge of his public figure. However, his power and influence was undeniable. “During the time Fugger lived in, the Renaissance, the world was controlled by two figures: the emperor of the Roman Empire and the Pope. And Fugger financed them both“Steinmetz explained.
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He also highlighted that It was he who decided that the King of Spain, Charles I, should be the emperor of Rome and achieved his election as Charles V, who then colonized the New World.
Another reason that may explain the little press of his name is that, Being German, there are chances that it has not reached the ears of the English-speaking world.. Nor was he an interesting character from his personality nor did he seek to hold public office. He did not patronize any Renaissance artists nor did he build palaces or cathedrals.
However, it has a famous work, the Fuggerei. This was a social housing project he created in his city of Augsburg, in southern Germanyand is popular because those who live there pay rent of US$1 a year.
Likewise, it has a series of milestones to its credit, among which the creation of the first multinationalthe creation of the first news servicewhich later led to the Fugger Newsletters, lto creation of savings accounts which are now used in banks and the financing for explorers as Christopher Columbus on his first voyage and Ferdinand Magellan.
Source: Ambito
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