Jakob fugger biography examples

Hans Fuggergrandfather of Jakob Fugger, had taken up residence in Augsburg inbecame 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. Jakob's older brothers Ulrich — and Georg — created the basis for the rise of the company in Europe.

Around they founded manufactories in Venice and Nurembergthen important centers of trade. Jakob Fugger's brothers Andreas and Hans both died young in Venice. His jakob fugger biography examples Markus was a cleric and from on a writer in a papal chancery in Rome where he died in His brother Peter died in an epidemic in Nuremberg in 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 Until historians assumed that Jakob Fugger, who was a minor order at the age of 12, had lived as 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 at the age of 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. 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.

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.

Around the family also founded manufactories in Innsbruck since in Hallsince in Schwaz. Through a small loan he there first came into contact with Archduke Sigismunda member of the Habsburg family. The archduke had as the sole owner of the Tyrol property rights handed out permissions for mining operations to private investors which in return had to pay a share of their profits to Sigismund.

Despite this income he was constantly short of money owing to a lavish lifestyle, several illegitimate children and his extensive construction projects. A responsibility to pay the amount ofguilders of war reparations to Venice was eventually financed by Jakob Fugger. In the total debt already amounted to more thanguilders. As a result, they were at times entitled to all the silver and copper out of Tyrol.

The expansion of high-risk, albeit very lucrative, business connections to Maximilian I was undoubtedly promoted by Fugger. 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 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. 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.

Jakob fugger biography examples: Jakob 'the Rich' Fugger and

Thus the Fugger business became one of the most important financial backers of Maximilian, who since was co-regent of the Holy Roman Empire. After his father Frederick III died in he became the reigning jakob fugger biography examples. Despite having constant financial difficulties due to an extravagant lifestyle and many failed political projects his reign saw the kingdoms of SpainBohemia and Hungary gained for the House of Habsburgnot by waging war but through advantageous marriage arrangements which were funded with the help of Jakob Fugger.

More sales followed in where he sold manor Schmiechen and in where he sold the lordship Biberbach to Fugger. Maximilian I elevated Jakob Fugger into nobility in and granted him the title of Imperial Count in so the former burgher could operate his business without interference from local nobility. Criticism from reformer Martin Luther on the Fugger business methods and novelistic portrayal from early research have led to the notion that Jakob Fugger exercised considerable power over Maximilian I the king and emperor of the Holy Roman Empirewhile more recent research shows that this was only partially true.

When Maximilian's grandson Charles V stood for election to become the next Emperor, Jakob Fugger raised a sum of more thanguilders, a significant portion of his wealth and of the total amount raised in his support, to ensure the seven 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 bankruptciesand under the reign of Philip II of Spain. 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 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 s Jakob Fugger dominated the company's policies, although the eldest brother Ulrich still formally led the company. The enormous growth potential in the mining and ore trade was very profitably harnessed by Jakob Fugger in the following years.

As collateral for loans that he had given to the Habsburgs and the King of Hungaryhe demanded mine revenues of Tyrol and the transfer of mining rights in Upper Hungary to him. Through this method he eventually established a dominant and almost monopolistic hold on the copper trade in Central Europe. The expansion continued with the construction of smelting plants in Neusohl and nearby MoschnitzArnoldstein in CarinthiaHohenkirchen in Thuringia.

From those ports the copper was shipped to the Russian region and additionally through Antwerp to Lisbon where it was an important Portuguese trade good destined for the export to India. 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.

The Fugger family were the first German trading house in a direct business relationship with the Roman Curia. Peter's Basilica, the Sistine Chapel, as well as other buildings within the Vatican. To repay Jakob the massive amount of money owed, Pope Leo X had to heavily tax the German people as well as sell indulgences, which was heavily unpopular with a large group of monks, including Martin Luther.

Partly because of the corruption within the church, Martin Luther was prompted to write his Ninety-five Theses. Early dealings in Rome are attributed to the cleric Markus Fugger in In the Fugger business was responsible for transferring church revenues from Sweden to Rome. Between andthe company leased the Roman mint, the Zeccamanufacturing 66 types of coins for four different popes.

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 Vasco da Gama 's discovery of the sea route to India and the establishment of the Portuguese spice monopoly, Jakob Fugger took part in the spice trade and in opened a manufactory in Lisbon.

He received permission to trade pepper, other spices, and luxury goods such as pearls and gemstones through Lisbon. Along with other merchant houses of Germany and Italy he contributed to a fleet of 22 Portuguese ships led by Francisco de Almeida that sailed to India in the year and returned in Charles V then declared war on Luther and Protestantism.

Fugger lent Charles funds to finance armies in this battle. Patron of Augsburg The great German Renaissance painter, Albrecht Durer, immortalized Fugger in a portrait that renders Fugger's taciturn personality and firm, businesslike attitude quite decisively. In his lifetime, Fugger was the great patron of Augsburg. He built several edifices in his city, including churches, and founded the Fuggerei, an almshouse originally intended to serve as a retirement home for his aged servants.

Fifty cottages, designed to hold two families each, were built outside of Augsburg. The Fuggerei are considered the world's first social settlement, and survived into the twenty-first century. Fugger died on December 30,in Augsburg. The company assets were bequeathed to jakob fugger biography examples Anton Fugger, under whom the firm remained profitable for several decades.

It played a vital role in financing the Holy Roman Empire's battle against Protestantism, and ventured into trade with Spain's South American holdings as well as the slave trade that ran from Africa to the New World. But the Spanish Empire became one of its largest creditors. It was entirely liquidated by Three aristocratic branches of the family survive: the Fugger-Kirchbergs of Oberkirchberg, the Fugger-Glotts of Kirchheim, and the Fugger-Babenhausens.

Fugger's lavish private chapel in Augsburg remains. Above the crypt his epitaph states according to his wishes that the deceased was "second to none in the acquisition of extraordinary wealth. View free essays, free term papers, and free research papers and get unique and inspiring ideas. Join Login. Jakob Fugger. Lucas, A. Kelley, Need a custom written paper?

Let our professional writers save your time. Byhe had become one of the wealthiest individuals in Augsburg. Jacob's eldest son, Ulrich, forged lucrative relationships with the Habsburg ruling family. Through his brothers, the Fuggers secured the papal court's financial remittances, extended loans to half the ruling houses of Europe, and engaged in mining operations in Tyrol, Silesia, and Hungary.

They even leased the Roman mint and traded in spices, wool, and silk.

Jakob fugger biography examples: Jakob Fugger of the Lily

Jacob Fugger the Elder, Ulrich's younger brother, is widely considered the wealthiest man of all time. He facilitated the election of Charles V as Emperor of the Holy Roman Empire by arranging an unprecedented loan offlorins. Fugger was also a prescient executive. He launched the Fugger Newsletters, considered the first business communications in history.

Company correspondents from across Europe wrote of local news and developments that might affect trade and commerce; they chronicled the decline of the Hapsburg fortunes and the abuses of the Spanish Inquisition. Historians view theses daily briefs, usually written in Italian-the language of commerce at the time-as the forerunner of the popular press.

In the last five years of his life, Fugger, now known as der Reiche, or "the Rich," came to play an increasingly important role in the conflict between church and state that would soon engulf the continent in carnage. The Fugger firm's role as the papal agent in Germany expanded with Pope Leo X 's announcement, inof the sale of indulgences, the proceeds of which would be used to refurbish St.

Peter's Cathedral in Rome. Indulgences were pieces of paper absolving the bearer of various sins. Johann Tetzela priest known as the Pardoner, began giving sermons in Germany and urged listeners to purchase their salvation and help the church at the same time. A deal was made whereby the Fugger banks, with branches across the Continent, would collect these revenues for a lucrative share.

A Fugger agent who accompanied Tetzel held the key to the indulgence chest. When it was full, it was opened by an officer of the company, who them remitted the amount to the Fugger office in Leipzig, where half remained. Some buyers of these indulgences questioned their validity, and brought them to Martin Luthera theologian at the University of Wittenberg.

Jakob fugger biography examples: This is a highly readable

He refused to authenticate them, which prompted Tetzel to object. In response, Luther composed his historic "Ninety-Five Theses" and nailed this document of dissent to the door of the Wittenberg cathedral—an act that launched the Protestant Reformation. Excommunicated inLuther was taken in by the elector of Saxony, which caused a split in the Holy Roman Empire.

Charles V then declared war on Luther and Protestantism. Fugger lent Charles funds to finance armies in this battle. The great German Renaissance painter, Albrecht Durerimmortalized Fugger in a portrait that renders Fugger's taciturn personality and firm, businesslike attitude quite decisively. In his lifetime, Fugger was the great patron of Augsburg.

He built several edifices in his city, including churches, and founded the Fuggerei, an almshouse originally intended to serve as a retirement home for his aged servants. Fifty cottages, designed to hold two families each, were built outside of Augsburg.

Jakob fugger biography examples: In Augsburg around Jakob

The Fuggerei are considered the world's first social settlement, and survived into the twenty-first century. Fugger died on December 30,in Augsburg. The company assets were bequeathed to nephew Anton Fugger, under whom the firm remained profitable for several decades. It played a vital role in financing the Holy Roman Empire's battle against Protestantism, and ventured into trade with Spain's South American holdings as well as the slave trade that ran from Africa to the New World.

But the Spanish Empire became one of its largest creditors. It was entirely liquidated by Three aristocratic branches of the family survive: the Fugger-Kirchbergs of Oberkirchberg, the Fugger-Glotts of Kirchheim, and the Fugger-Babenhausens. Fugger's lavish private chapel in Augsburg remains. Above the crypt his epitaph states according to his wishes that the deceased was "second to none in the acquisition of extraordinary wealth.

Lucas, A. Kelley, Cite this article Pick a style below, and copy the text for your bibliography. January 8, Retrieved January 08, from Encyclopedia.