Cosimo di Giovanni de' Medici was an Italian banker and politician who established the Medici family as effective rulers of Florence during much of the Italian Renaissance. His power derived from his wealth as a banker and intermarriage with other rich and powerful families. He was a patron of arts, learning, and architecture. He spent over 600,000 gold florins on art and culture, including Donatello's David, the first freestanding nude male sculpture since antiquity.

The Medici Bank was a financial institution created by the Medici family in Italy during the 15th century (1397–1494). It was the largest and most respected bank in Europe during its prime. There are some estimates that the Medici family was, for a period of time, the wealthiest family in Europe. Estimating their wealth in today's money is difficult and imprecise, considering that they owned art, land, and gold. With this monetary wealth, the family acquired political power initially in Florence, and later in the wider spheres of Italy and Europe.