The Medicis' wealth and influence was initially derived from the textile trade guided by the wool guild of Florence, the Arte della Lana. The grand duchy witnessed degrees of economic growth under the early grand dukes, but was bankrupt by the time of Cosimo III de' Medici (r. The Medici ruled the Grand Duchy from its inception until 1737, with the death of Gian Gastone de' Medici.

In 1569, the duchy was elevated to the Grand Duchy of Tuscany after territorial expansion. In 1532, the family acquired the hereditary title Duke of Florence.

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). This bank was the largest in Europe during 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. The family originated in the Mugello region of Tuscany, and prospered gradually until it was able to fund the Medici Bank. The House of Medici ( English: / ˈ m ɛ d ɪ tʃ i/ MED-i-chee, Italian: ) was an Italian banking family and political dynasty that first consolidated power in the Republic of Florence under Cosimo de' Medici, during the first half of the 15th century.

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