In his 1963 book, 'The Rise and Decline of the Medici Bank,' medieval economic historian Raymond de Roover likens the Medici banking dynasty to today's banking fortresses.
And it makes sense. The early Italian banking system was, as it were, the first instance of "modern capitalism based on private ownership," wrote de Roover.
For that reason (and because the family was wildly successful at what they did) there's always been consensus that today's banks could learn a thing or two from the prolific Medici family.
Before they were bankers, the Medici were doctors in rural town north of Florence
Medici is the plural form of the Italian medico.
Source: The Rise and Fall of the Medici Bank via Google Books
The Medici Bank was born in 1397
Giovanni di Micci de'Medici (1360-1429) was born into a relatively poor Florentine family and received only a nominal inheritance when his father died of the plague.
He founded the Medici Bank in 1397, which became the most successful bank in Florence by his death in 1429. Most historians suspect he received help from a wealthy banker cousin.
Source: The Rise and Fall of the Medici Bank via Google Books
At his death, Giovanni was worth 180,000 Gold Florins
That's about 36,000,000 million USD.
He was the richest man in Florence.
Source: The Rise and Fall of the Medici Bank via Google Books
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