The most famous of every European Banking Dynasties is the Rothschild Family, and they are widely famous for their wealth. Around 200 years ago, the European Banking Dynasties had a great influence not only on the economic but also the political history of Europe. The founder of this house was Mayer Amschel Rothschild, born in Frankfurt on 23rd February 1744. He died on 6th December 1855 in Frankfurt. The Rothschild Family Wealth was something that almost everyone who knew them talked about. He had five sons, Amschel Mayer, Salomon Mayer, Nathan Mayer, Karl Mayer, and Jacob/James Mayer. Mayer and his sons soon became great bankers.
Rothschild Family Wealth – Mayer Amschel Rothschild
The family name of Mayer Amschel Rothschild was derived from the red (rot) shield. This was a house that once existed in the ghetto, and his ancestors lived in it. The Rothschild family wealth has always been a burning question among the commoners. It was Mayer who took his family to great heights. He studied briefly. However, the sudden demise of his parents forced him to do an apprenticeship in a banking house. Mayer soon became a court factor to William IX, who was a landgrave of Hesse-Kassel. Soon after, Mayer made a pattern that his family followed successfully. The pattern was to indulge in business with reigning houses and take care of as many sons as possible, which would help take the family’s business abroad.
Mayer’s Five Sons
The very first business that Mayer and his sons indulged in was luxury items. They were dealers in luxury items, and they traded coins and commercial papers. Eventually, after many years, they became bankers. The French Revolutionary war and the Napoleonic wars showered them with fortunes. The Rothschild family wealth soon flourished, and they became the most famous bankers. While Mayer and his eldest son Amschel looked after Frankfurt’s business, Nathan slowly and gradually established a branch in London in the year 1804. Soon after Jackob settled in Paris in 1811, Salmon and Karl inaugurated offices in Vienna and Naples in the year 1820.
Rothschild Family Wealth – Second Generation
The first group of Rothschilds arrived in new countries with no experience. They faced several problems and were subject to jealousy. They were not even familiar with the languages, which resulted in tough competition between them and local bankers. Nevertheless, they pulled out all the stops, and after several disappointments, things seemed to be coming up roses for them. After a few years, when the sons of five brothers entered the market, they were polished and refined and naturalized and nationalized. They soon doubled and tripled the Rothschild family wealth. All the more, they were influencing the national economy a lot.
Rothschild worked hard in his entire life and made a pattern that his sons followed. Since his sons were new to the business and had to move out of their countries to expand the business, they faced several hardships, but in the end, they aced it. They added to the Rothschild family wealth, and soon after, their sons took the business forward. Eventually, the Rothschild Family became the most famous European Banking Dynasties.