FUGGER FAMILY. – German merchants and bankers of the 15th and 16th centuries, established in Augsburg in the second half of the 14th century. Their most prominent figure was Jakob II, known as the Rich (1459–1525), who abandoned the family’s traditional trade in furs, wool, and silk to engage in more profitable ventures, particularly banking. By entering into business relations with Emperor Maximilian, Jakob Fugger repeatedly financed him with loans, in return obtaining the exploitation of the extremely rich copper and silver mines in Tyrol. The election of Charles V as emperor in 1519 was largely due to Fugger, who advanced over half a million florins on that occasion.
During the pontificate of Alexander VI, the Fuggers became bankers to the Holy See and were entrusted with the collection of *servitia* (papal taxes), and under Leo X, with the collection of indulgence revenues, especially in Central and Eastern Europe. Upon the death of Jakob II the Rich, his nephew Anton (d. 1550) took over the firm, under whose leadership the business reached its peak prosperity. Subsequently, during the so-called third generation of the Fuggers, a period of decline began, largely caused by poor financial dealings with the King of Spain. The Fuggers went bankrupt definitively within the first half of the 17th century.