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Florence became wealthy from trading cloth, mostly wool.

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12y ago

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Why did florence become wealthy?

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What city became wealthy from trading cloth and banking?

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Banking made Florence wealthy by establishing it as a financial hub during the Renaissance. The city's banks, such as the Medici Bank, facilitated trade and commerce across Europe, providing loans and managing currency exchange. Wealthy families invested in art and culture, which further enhanced Florence's prestige and attracted more business. This economic activity created a cycle of wealth accumulation, positioning Florence as a center of banking and finance.