Biography
Giovanni di Bicci de' Medici was born in Florence, the son of Averardo de' Medici. Though he is considered the founder of the rich Medici dynasty, he was not born into a rich family. The little money left by his father was divided between a widow and five sons, leaving Giovanni with little.
Giovanni was somewhat uninterested in politics, unless the issues pertained to his family or bank. Often when his name was put forward to participate in the Florentine government (reggimento), he chose to pay the fine rather than serve, although he did serve one term as Gonfaloniere.
Giovanni was the head of an early "multi-national" company, as the family bank, his main commercial interest, had branches throughout the northern Italian city-states and beyond. In 1410, Giovanni bet on the return of the papacy to Rome, and was correct. Rewarding Giovanni for his support, Pope John XXIII gave Giovanni's general manager control of the Apostolic Chamber. Subsequent popes made use of the Medici banks. Giovanni was also rewarded with tax-farming contracts and the rights to many alum mines. He set his family on the path to becoming one of the richest dynasties in Europe, thereby making an essential stride towards its later cultural and political eminence. One way in which he laid the groundwork for this was by marrying Piccarda Bueri, whose family was old and respectable and who brought a dowry.
When he died, he was one of the richest men in Florence, as shown by his tax report of 1429. In 1420, Giovanni had given the majority of control of the bank to his two sons, Cosimo and Lorenzo. He was buried in the Old Sacristy of the Basilica of San Lorenzo, Florence and his wife was buried with him after her death four years later.
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