Wealthiest Men in Medieval Times

Wealth despite its very material manifestations is often a difficult attribute to compare across time periods and geographical spaces. One society’s notion of wealth may not be the same as another while inflation, war and natural disasters lead to fluctuations that make it difficult to accurately assess and compare fortunes from different centuries. Also, because several individuals and families in earlier centuries never had their financial records revealed publicly and there are no contemporary estimates of their net-worth, it is possible that individuals are omitted due to a lack of citable estimates of their net-worth. Here are however a few of the wealthiest men from medieval times with their net worth adjusted for inflation and other variables.

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Mansa Musa I

Despite Europe being home to many wealthy men of medieval period, it was a king from Africa who may have been the richest man from the times. Musa I, Mansa of Mali, more commonly referred to simply as Mansa Musa, ascended to the throne of the wealthy Mali Empire in 1312. Not much was known about the emperors outside of Western Africa, but Musa's religious Hajj in 1324 would bring great attention to the wealth and extravagance of his lands. The retinue that Musa traveled with apparently included 60,000 men, in addition to 12,000 slaves, 500 of which marched before the Mansa dressed in silken robes and golden staffs. There were 80 camels in the train that are said to have carried anywhere from 50 to 300 pounds each of gold dust. This entire entourage alone when evaluated in terms of today would indicate a net worth of more than US$400 billion¹.

William the Conqueror

Despite being known as William the Bastard, William I became first Norman King of England, reigning from 1066 until his death in 1087. After a long struggle to establish his power, he launched the Norman conquest of England in 1066 and after his triumph acquired the title of William the Conqueror. Even before he became the monarch, the spoils of war that he seized were enormous and are estimated at around $209 billion¹  adjusted to modern rates, based on what he gave out to his sons Odo and Robert.

Alan Rufus

Alan Rufus, also known as Alain le Roux or Alan the Red, gained materially by virtue of his proximity to William the Conqueror. During the Norman invasion of Britain, Rufus received some 250,000 acres in land grants as a reward for his allegiance. His property stretched throughout Yorkshire, Norfolk, Suffolk, Cambridgeshire, Northamptonshire and London, totaling some £11,000 by the time of his death in 1093. He also owned Richmond Castle in North Yorkshire, which, for the time, was considered very luxurious. His fortune was estimated to be equivalent to £81.33 billion, or roughly US$162.74 billion, in 2007, thus making him the wealthiest Briton in all the history of the British Isles.

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William I de Warrene

Originally from Normandy, William I de Warenne was one of the very few proven Companions of William the Conqueror known to have fought at the Battle of Hastings in 1066.  For his loyalty and help in the battle, was rewarded with properties in Sussex, Northfolk and Yorkshire. At the Domesday Survey he held extensive lands in thirteen counties including the Rape of Lewes in Sussex, now East Sussex. At the peak of his fortunes he was probably worth  $134 billion USD  as adjusted for current inflation. He became the first Earl of Surrey and was instrumental in founding the Lewes Priory dedicated to St. Pancras. The first Cluniac priory in England as well as restoring several castles in his lands which became various abbeys.

Richard fitzalan, 10th Earl of Arundel and 8th Earl of Surrey

The earldom of Surrey continued to be one of the most successful appointments in medieval Europe as witnessed by the rise of Richard Fitzalan, 10th Earl of Arundel and 8th Earl of Surrey. An influential English nobleman and medieval military leader, he fought in the Scottish Independence wars and in the Hundred Years' War besides being one of the three principal English commanders at the Battle of Crécy.  Richard Fitzalan spent the most of his adult life on various military campaigns and diplomatic missions and gained considerable material wealth from all this ventures. At the peak of his fortunes, he is believed to have been worth $108 billion in modern terms. He is believed to have even made very large loans to King Edward III but even so on his death left behind a great sum in hard cash.

John of Gaunt

The third surviving son of King Edward III of England and Philippa of Hainault. John of Gaunt, 1st Duke of Lancaster was a member of the House of Plantagenet. The main source of his wealth seems to have been his royal antecedents and also the fact that he was the regent of Richard II's regent during much of the latter's rule and the father of Henry Bolingbroke who would eventually come back from exile to depose Richard and take the English throne into his hands. At the height of his fortunes, John of Gaunt was estimated to have a net worth of $101 billion according to contemporary standards.

Henry Duke of Lancaster

Henry of Grosmont was English diplomat, noble, soldier, and founding member of the Order of the Garter. He held multiple titles among which were 1st Duke of Lancaster, 4th Earl of Leicester and Lancaster as well as Earl of Derby, all of which probably contributed to a vast fortune which was worth approximately $77.5 billion as adjusted for inflation. Today however he is chiefly remembered for his peace talks with France and for being a patron of Corpus Christi College, Cambridge.

Cosimo de Medici

As one of the most successful scions of the de Medici family, Cosimo de Medici straddled the borders of the Medieval and the Renaissance ages. Under him the fortunes of the family went up  to 122,669 Florin by 1457 or almost twenty two million and a half USD by modern standards. Cosimo's influence had become so great that he acted as de facto ruler of Florence despite holding no elected office. Cosimo de Medici however owed a great deal of his financial strength to his father Giovanni di Bicci de' Medici who founded the family's bank and supported the return of the papacy to Rome in 1410. In return for the support, Giovanni was awarded with the position of personal banker to the papacy, several tax contracts and alum mines, all of which firmly established both the fortunes and political influence of the de Medici family in Italy for centuries to come³.

Reference:

1. Celebrity Networth - The 25 Richest People Who Ever Lived  - Inflation Adjusted
    
2. Business Insider - The 20 Richest People Of All Time
    
3. The Rise and Decline of the Medici Bank: 1397-1494, by Raymond A. de Roover