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As Europe transitioned into a new era between 1480 and 1560, mining innovations flourished, allowing individuals like Fugger to capitalize on the skyrocketing demand for precious metals. He shifted from textiles to mining, eventually owning a vast percentage of Europe's precious metals supply, reminiscent of a contemporary monopoly on critical resources.
Pioneering Financial Innovations
Fugger's business strategies were innovative for his time. He introduced asset-backed lending—a practice where he would secure loans against physical assets like copper and silver, thus reducing his exposure to risk. By the mid-1480s, Fugger transformed into a visionary financier, forging contracts that allowed him to exert considerable influence over the mining industry.