The Fugger family, who had lived in Augsburg since 1367, started out trading in woven goods and, over the course of three generations, became one of the imperial city's leading mercantile families. Due to his relationship with the Habsburgs, Jakob Fugger the Rich's enterprises in precious metals, goods and financing made him go down in history as the most successful financier of his day.
Under his successor, Anton, the firm's operations began to move increasingly to Spain. The firm ceased its activities there in 1650. With profits from commerce, three generations of Fuggers acquired extensive properties and estates. Beginning with Anton Fugger, these became the family's new economic and social foundation.
The family transforms: The family transformed from merchants into nobles who attained important positions in the church and the government. The Fugger family used part of their wealth to found independent foundations, which they still maintain to this day.