Jakob Fugger, who died half a millennium ago, was arguably the wealthiest person in the world at the time. His business dealings were extensive, but details of his private life remain largely speculative.
Jakob Fugger was the Elon Musk, Mark Zuckerberg, and Jeff Bezos of the 16th century. Unlike his modern counterparts who built their fortunes in the newly “discovered” Americas, one of the wealthiest individuals in history amassed his wealth in the heart of Europe, in Augsburg, Germany. From this base in Swabia, the merchant orchestrated significant economic and political maneuvers. Historians suggest the Vatican’s current state might be highly different without his influence.
One enduring symbol of that influence is the famed Swiss Guard. The existence of this elite security force is directly linked to Fugger. Through his Roman trading post, he repeatedly extended credit to the Papal States. “One of these loans in 1506 was used to hire mercenaries from Switzerland as bodyguards for Pope Julius II,” writes Karin Schneider-Ferber in her biography, Jakob Fugger the Rich: Merchant, Banker, Kingmaker (172 pages, Friedrich Pustet Publishing, 2025). The Swiss Guard continues to serve to this day, 500 years after Fugger’s death.
Jakob was born on March 6, 1459, in Augsburg, the youngest and second-to-last of eleven children. He shared his name with his father, a successful merchant who had significantly increased the family’s wealth. His mother was the daughter of a wealthy mint master, providing a favorable starting point for the younger Jakob – the family’s youngest son who would later become its most famous member.
After his childhood, a religious career may have been considered for Fugger. In 1471, he received a canonry in Franconia. The position offered a path forward, but little more. In 1473, Fugger traveled to Venice.
The length of his stay in the trading hub remains unclear, but the experience proved formative. He gained knowledge and established valuable contacts. His fondness for his time in Venice was evident in his continued wearing of a luxurious gold brocade cap, fashionable in Venice, even after returning to his native Swabia. Similarly, Fugger’s architectural endeavors reflected Italian influence: he commissioned a residence and business headquarters in Augsburg built in the Renaissance style, mirroring the grandeur of Italian palazzos.
His ability to afford such displays reflected his rise within the Fugger family business. Following his time in Venice, in the late 15th century, Jakob successfully entered the mining business in Tyrol. He worked alongside his two surviving brothers; their father had died in 1469. Together, the three brothers led the company, shifting its focus from textiles to mining and finance. After the deaths of Georg in 1506 and Ulrich in 1510, Jakob secured a dominant position in the company’s management, surpassing his nephews.
Ascension to Power and Wealth
Jakob did not have any children of his own and was married. He wed Sibylla Artzt in 1498, a woman approximately 20 years his junior. Whether their marriage was based on love or, as was common, an arranged union remains unknown. There are suggestions that Fugger had an illegitimate daughter, but no concrete evidence exists.
What is certain is that Fugger’s power and business acumen propelled him into the highest circles. His financial strength allowed him to provide loans to both the Pope and the Emperor. He also provided a backdrop for significant political events: in 1518, the papal legate, Cardinal Thomas Cajetan, took up residence in Fugger’s Augsburg city palace to question Martin Luther. Luther, in turn, criticized Fugger for his extravagance and involvement in the sale of indulgences.
Fugger remained staunchly loyal to the Catholic Church. He was deeply invested in the Vatican’s interests – so much so that he protected it from overly ambitious plans proposed by the German Emperor Maximilian. In 1511, during a life-threatening illness of Pope Julius II, Maximilian considered attempting to elect himself as the new Pope. However, Fugger deliberately delayed the necessary credit negotiations, allowing the Pope to recover.
In return, Fugger received titles and recognition. Maximilian elevated him to the status of Baron in 1511, Imperial Count in 1514, and appointed him to the Imperial Council. He also acquired substantial land holdings, becoming the lord of more than 50 villages by the end of his life.
His life ended on December 30, 1525, after suffering from a growth on his abdomen, according to contemporary accounts. However, Fugger’s legacy endured. He established three foundations that continue to exist today: the family chapel in St. Anna’s Church and the preaching post of St. Moritz, both churches in Augsburg’s city center.
And also in Augsburg, the Fuggerei, considered the world’s oldest social housing complex. This proves a walled “city within a city” in central Augsburg. Approximately 150 people live in 67 houses and 142 apartments, spread across eight streets. The 15,000-square-meter area includes a church and four museums, one of which is located in a bunker; there was previously a school and a hospital. The Fuggerei is financed by forestry revenues and museum entrance fees.
Residents have always been required to meet certain criteria: they must reside in Augsburg, be Catholic, and be in need. The annual rent for an apartment is currently equivalent to three prayers daily (Our Father, Creed, Hail Mary) and the nominal value of a Rhenish guilder, which once represented a craftsman’s weekly wage – today, that amounts to 88 cents. An additional 88 cents per year is paid to the pastor, plus utilities.
Fugger intended the complex as a place for the poor but respectable – a stepping stone to regain their footing. The first houses were completed in 1516. Fugger envisioned the settlement lasting for eternity, and it has been rebuilt after devastation during the Thirty Years’ War and significant damage in World War II.
On the occasion of the Fuggerei’s 500th anniversary in 2021, the organization announced its intention to share the concept of social housing with the world. According to the Fuggerei, this led to the creation of social projects in Sierra Leone and Lithuania, based on independent initiatives. The Fuggerei sees itself as an ideological catalyst.
The Fugger family has been documented in Augsburg since 1367, when Hans Fugger (died 1408/09) was the first member of the family to arrive in the city. Initially involved in the textile trade, the Fuggers rose to become Europe’s leading mining and financial conglomerate by 1494, financing emperors and kings, organizing indulgences for several popes, and minting coins for them. Several Fuggers also served as bishops in Regensburg and Constance.
Today, the family in Swabia is divided into three lines: the Counts Fugger-Kirchberg, the Princes Fugger von Glött, and the also princely Fugger-Babenhausen. The family is among Germany’s largest private forest owners, managing around 3,200 hectares of woodland through foundations.
KNA/mak
