House of Medici

The House of Medici (English: MED-itch-ee, UK also mə-DEE-chee; Italian: [ˈmɛːditʃi]) was an Italian banking family and political dynasty that first consolidated power in the Republic of Florence under Cosimo de' Medici and his grandson Lorenzo "the Magnificent" during the first half of the 15th century. The family originated in the Mugello region of Tuscany, and prospered gradually in trade until it was able to fund the Medici Bank. This bank was the largest in Europe in the 15th century and facilitated the Medicis' rise to political power in Florence, although they officially remained citizens rather than monarchs until the 16th century.

In 1532, the family acquired the hereditary title Duke of Florence. In 1569, the duchy was elevated to the Grand Duchy of Tuscany after territorial expansion. The Medici ruled the Grand Duchy from its inception under the builder Cosimo I until 1737, with the death of Gian Gastone de' Medici. The Medici produced four popes of the Catholic Church—Pope Leo X (1513–1521), Pope Clement VII (1523–1534), Pope Pius IV (1559–1565) and Pope Leo XI (1605)—and two queens of France—Catherine de' Medici (1547–1559) and Marie de' Medici (1600–1610). The Medici's grand duchy witnessed degrees of economic growth under the early grand dukes, but was bankrupt by the time of Cosimo III de' Medici (r. 1670–1723).

The Medicis' wealth and influence was initially derived from the textile trade guided by the wool guild of Florence, the Arte della Lana.