Historic Fugger Settlement in Germany Remains Remarkably Unchanged
Augsburg, Germany – The Fugger settlement, located in the heart of Augsburg, remains a globally significant social settlement, boasting a continuous history dating back to its founding in 1521. Established by Jakob Fugger, a wealthy merchant and banker, the settlement is considered the oldest of its kind still in operation, with a remarkably consistent financial model. The Fugger settlement, a small community within Augsburg, operates on an annual income of 88 cents – a figure unchanged since its inception.
This unique arrangement stemmed from a donation from the church, reflecting the legacy of Jakob Fugger, often referred to as “the Rich One,” who was one of Europe’s most influential figures during the 16th century. The Fugger settlement’s history is documented in the local City magazine, highlighting its status as the world’s oldest inhabited social settlement, spanning over half a millennium. Fugger’s trading and banking house once held considerable influence, extending to relationships with kings, princes, and the papacy.
Today, the settlement continues to operate within the borders of Bavaria, Germany, preserving its historical structure and unique economic model. The enduring legacy of the Fugger settlement serves as a testament to its resilience and the lasting impact of its founder.
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