Latest news with #Fugger
The Star
3 days ago
- Business
- The Star
The rent hasn't changed since 1521 at world's oldest social housing in Germany
A general view of the streets at the Fuggerei in Augsburg. — Photos: AFP When German pensioner Angelika Stibi got the keys to her new home in the southern region of Bavaria this year, a huge financial weight was lifted from her shoulders. Stibi has to pay just 88 euro cents (RM4.30) a year for her apartment in the social housing complex known as the Fuggerei, where rents have not gone up since the Middle Ages. Founded in 1521 by the wealthy businessman Jakob Fugger and believed to be the oldest such project in the world, the Fuggerei in the city of Augsburg provides living space for 150 residents facing financial hardship. Consisting of several rows of yellow terraced buildings with green shutters and sloping red roofs, the complex still resembles a medieval village. "I had a truly wonderful life until I was 55," said Stibi, a mother of two in her 60s from Augsburg. The Fuggerei provides living space for 150 residents facing financial hardship. After she was diagnosed with cancer, "everything went from bad to worse" and she was left with no other option but to apply for social housing, she said. Waiting lists are long for apartments in the walled enclave not far from Augsburg city centre, with most applicants having to wait "between two and six or seven years", according to resident social worker Doris Herzog. "It all depends on the apartment you want. The ones on the ground floor are very popular," Herzog said. Applicants must be able to prove that they are Augsburg residents, Catholic and suffering from financial hardship. Climbing plants line the walls of homes on a street at the Fuggerei. Relative of Mozart Martha Jesse has been living at the Fuggerei for 17 years after finding herself with monthly pension payments of just €400 (RM1,972), despite having worked for 45 years. "Living elsewhere would have been almost impossible," said the 77-year-old, whose apartment is filled with religious symbols. The Fuggerei was heavily damaged in World War II but has since been rebuilt in its original style. Renowned composer Wolfgang Amadeus Mozart's great-grandfather, the mason Franz Mozart, was once a resident and visitors can still see a stone plaque bearing his name. Founded in 1521, the Fuggerei is believed to be the oldest such project in the world. For Andreas Tervooren, a 49-year-old night security guard who has lived at the Fuggerei since 2017, the complex is "like a town within a town" or "the Asterix village in the comic books". The meagre rents at the Fuggerei are all the more remarkable given its location an hour's drive from Munich, the most expensive city in Germany to live in and one of the most expensive in Europe. Rents have also risen sharply in many other German cities in recent years, leading to a wave of protests. A bronze bust of the entrepreneur and banker Fugger. Daily prayer But not at the Fuggerei, whose founders stipulated that the rent should never be raised. Fugger (1459-1525), also known as Jakob the Rich, was a merchant and financier from a wealthy family known for its ties to European emperors and the Habsburg family. Fugger set up several foundations to help the people of Augsburg, and they continue to fund the upkeep of the Fuggerei to this day. The annual rent in the Fuggerei was one Rhenish gulden, about the weekly wage of a craftsman at the time - equivalent to 88 euro cents in today's money. The church of the Fuggerei. Although some descendants of the Fugger family are still involved in the management of the foundations, they no longer contribute any money. "We are financed mainly through income from forestry holdings, and we also have a small tourism business," said Daniel Hobohm, administrator of the Fugger foundations. The Fuggerei attracts a steady stream of visitors, and the foundations also receive rental income from other properties. In return for their lodgings, residents of the Fuggerei must fulfil just one condition - every day, they must recite a prayer for the donors and their families. – AFP
Mint
15-06-2025
- Business
- Mint
Manu Joseph: What Elon Musk can learn from the ‘richest man ever'
Elon Musk, the world's richest man among those whose wealth is known, recently found himself in a rare spot for someone of his influence: overplaying his hand. In a public spat with Donald Trump, Musk denounced the American president, suggested he should be impeached and even floated a serious allegation involving the late Jeffrey Epstein, who was charged with sex trafficking minors. Musk also claimed his money helped Trump win the presidency. Such bluster would have been the doom of a billionaire in most nations. That Musk survived this is due to the one Western value he unwittingly relied on while helping ruin it: the right to criticize power fearlessly. Also Read: X factor: The rise and fall of Elon Musk as a political figure Yet, even in America, where the old habit of being the West lingers, Musk was forced to back-pedal. Trump threatened him on social media with legal scrutiny and the withdrawal of government contracts. To understand the limits of wealth when it meets state power, Musk may want to get to know, if he doesn't already, one man who many consider the richest person who ever lived. No one clarifies the relationship between money and state better than Jacob Fugger, a 16th-century banker. In today's money, Fugger's wealth would be worth some $400 billion dollars in hard assets. Musk's net worth is similar, but more volatile, as we have seen lately. But this does not demonstrate Fugger's true financial might in his time. In his book,The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger, Greg Steinmetz states that when Fugger died in 1525, his wealth amounted to 2% of Europe's GDP at a time when Europe was an economic powerhouse and there was no US. In comparison, Musk's peak net worth was lower as a proportion of the US economy. Also Read: Why regretful tweets can't fix Musk's Tesla mess The political influence of Musk is impressive, but Fugger was at another level. Fugger dealt with emperors and popes. He financed wars, revolutions and once practically bought the Holy Roman Empire for his royal client. He also got a pope to cancel a Christian sin—usury, or the practice of charging interest on loans. In 1523, he wrote a letter to Charles V, one of the most powerful men on earth at the time as the holy Roman Emperor with a string of other monarchic titles. To this man, his lender Fugger wrote, 'It is well known that without me your majesty might not have acquired the imperial crown… You will order that the money which I have paid out, together with the interest upon it, shall be reckoned up and paid without further delay." The first part of the quoted line sounds like Musk and on the whole it appears even more self-destructive than Musk's online fight with Trump. But Charles paid up. Maybe because Fugger was not being as disrespectful as we imagine, maybe medieval Europe was a place where seasoned men of the world spoke frankly. Also, Fugger was right; Charles couldn't do without him. Also Read: Musk versus Trump: A case of mutually assured destruction Fugger, like Musk, was given to boasting. But his boasts were strategic—a form of advertising to remind monarchs that only he could move great sums. Whatever Fugger did must have been respectful by the customs of his time. In any case, he did not hesitate to flatter. After all, it was an age when it was not so hard for an emperor to execute a mere wealthy man, or put him away in some dungeon. But there was a delicate way to deal with power. Emperors controlled all land and they could convert it into money, but a way of the world even then was that rulers ruled by spending money and not making it. So they needed those special men who knew how to make it, who had a lot of it and who could lend it in return for various privileges, like mining rights. It was a tricky business to lend to emperors, for those powerful men were often broke and could simply renege. The only thing stopping them was a loss of reputation, which would make their future borrowing impossible or more expensive. Even so, emperors stole all the time from businessmen. Also Read: Manu Joseph: America and the bearable loneliness of losing the West When Charles's grandfather Emperor Maximilian needed funds, he didn't just ask nicely. He forced Fugger and other bankers to buy imperial bonds with no collateral, under a 'fairness' argument—that people like Fugger were able to do business because of the safety and peace Maximilian assured. Fugger wrote to Maximilian stating something many capitalists after him would say—that big business, by its very existence, is a moral force because it creates employment. But eventually, Fugger had to buy bonds. Like Musk, Fugger took great political bets. He funded the Church and also sponsored events that led to a movement against the Church, the Reformation. He also pioneered an early news network to gain an intelligence advantage over rivals. Yet, through it all, Fugger knew how to behave in front of a crown. Fugger appeared to understand that there were two streams of power—one that came from the masses, which was accumulated in one person, the power of the state. And another sort of power which came from being useful to the state. In Fugger's time, it was very clear that it was foolish to challenge the state's power. In Musk's time, there is a feeling in the West that a man like him can challenge the state, or the new emperors of our time. This is a myth. Sure, Musk is wildly famous himself, which could lead anyone in his place to overvalue it. But being famous is not the same as being the repository of the will and grouses of people. Celebrity is often not the same as politics. The author is a journalist, novelist, and the creator of the Netflix series, 'Decoupled'.
Scottish Sun
12-06-2025
- Scottish Sun
Europe's cheapest village where residents pay under £1 for a whole year's rent – but with a very strict rule
Plus, the Eurostar has revealed future plans for trains from UK to Germany and Switzerland IN FOR A POUND Europe's cheapest village where residents pay under £1 for a whole year's rent – but with a very strict rule Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A VILLAGE in Europe is so cheap, locals only pay £1 rent for the entire year - but there is a strict curfew in place. Located in the city of Augsburg in Germany, the Fuggerei housing complex was created in 1521 by the Fugger family, to help residents in need. Sign up for Scottish Sun newsletter Sign up 3 Residents in a complex in Augsburg, Germany, pay less than £1 for an entire year's rent Credit: Alamy 3 However, if residents are home late they will be charged extra Credit: Alamy The complex, which is the oldest of its kind in the world, has 142 residences across its 15,000-square-metre site. Today, there are 150 people living at the complex, and only Catholic Augsburgers who are in need of some help are allowed to live there. For anyone who lives there, they only have to pay 75p for their entire year's rent. In return, they must pray three times a day to the current owners of Fuggerei. They must also "perform small services for the common welfare," according to MailOnline. These jobs include acting as a night watchman or being a gardener, for example. However, there is one rule that could make the residents pay more - they must not be home after 10pm. If they do come home after this time, they must pay the watchman a 42p fee. It gets worse if they are home after midnight, with the fee rising to 85p - more than the annual rent. The homes in Fuggerei are around 60-square-metres with three rooms each and the ground floor flats tend to come with a small garden. Sample the atmosphere of welcoming Dusseldorf Tourists can visit the complex too though. Each ticket costs £6.78 and includes entry into the Fuggerei's museum and a display residence. For visitors, there is the option to go on a tour of the complex including heading to St. Mark's Church, the Founder's Table, the Night Watchman's Gate, the bunker and the museums in the Fuggerei. If travelling with your furry friend, dogs are welcome too - as long as they are on a leash. But the complex is still home for a group of people - and therefore visitors are asked to respect the green spaces in Fuggerei, and keep it clean. A pretty German town also has the world's oldest brewery – and Brits can easily visit. Plus, the Eurostar has revealed future plans for trains from UK to Germany and Switzerland.
The Irish Sun
12-06-2025
- The Irish Sun
Europe's cheapest village where residents pay under £1 for a whole year's rent – but with a very strict rule
A VILLAGE in Europe is so cheap, locals only pay £1 rent for the entire year - but there is a strict curfew in place. Located in the city of Augsburg in Germany, the Fuggerei housing complex was created in 1521 by the Fugger family, to help residents in need. Advertisement 3 Residents in a complex in Augsburg, Germany, pay less than £1 for an entire year's rent Credit: Alamy 3 However, if residents are home late they will be charged extra Credit: Alamy The complex, which is the oldest of its kind in the world, has 142 residences across its 15,000-square-metre site. Today, there are 150 people living at the complex, and only Catholic Augsburgers who are in need of some help are allowed to live there. For anyone who lives there, they only have to pay 75p for their entire year's rent. In return, they must pray three times a day to the current owners of Fuggerei. Advertisement Read more on Germany They must also "perform small services for the common welfare," according to These jobs include acting as a night watchman or being a gardener, for example. However, there is one rule that could make the residents pay more - they must not be home after 10pm. If they do come home after this time, they must pay the watchman a 42p fee. Advertisement Most read in News Travel It gets worse if they are home after midnight, with the fee rising to 85p - more than the annual rent. The homes in Fuggerei are around 60-square-metres with three rooms each and the ground floor flats tend to come with a small garden. Sample the atmosphere of welcoming Dusseldorf Tourists can visit the complex too though. Each ticket costs £6.78 and includes entry into the Fuggerei's Advertisement For visitors, there is the option to go on a tour of the complex including heading to St. Mark's Church, the Founder's Table, the Night Watchman's Gate, the bunker and the museums in the Fuggerei. If travelling with your furry friend, dogs are welcome too - as long as they are on a leash. But the complex is still home for a group of people - and therefore visitors are asked to respect the green spaces in Fuggerei, and keep it clean. A pretty Advertisement Plus, the 3 Tourists can also visit Fuggerei for a fee and go on tours of the complex Credit: Alamy
