Marriage, Heritage and Successors
In 1498 the 40 year old Jakob Fugger married Sybille Arzt (also: Artzt) Grand Burgheress of Augsburg, the 18 year old daughter of an eminent Augsburg Grand Burgher. This marriage opened the opportunity for Jakob to elevate to Grand Burgher of Augsburg (German Großbürger zu Augsburg) and later finally giving Jakob Fugger the long awaited aspiration of a seat on the city council (German Stadtrat) of Augsburg. Four years after the wedding, Jakob Fugger bought for his young wife 40.000 guilders worth of jewels from the treasure of Burgundy. Jakob wanted to demonstrate that he is after all equal to the Habsburgs, at least financially. However the jewels were left in a chest in the basement of his house for fear of theft and envy. The couple had no children. Seven weeks after her husband died Sybille Arzt married a business partner of Jakob and converted to the Protestant faith.
Jakob Fugger died on 30 December 1525. The inventory performed by his heirs revealed assets totaling 3.000.058 guilders and liabilities amounting to 867.797 guilders resulting in a surplus of about 2.1 million guilders.
Because he had no direct descendants, the company and its assets were bequeathed to his nephews Raymund and Anton Fugger who also lead the company. He managed to double the family's fortune once more by 1546.
Read more about this topic: Jakob Fugger
Famous quotes containing the word heritage:
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)