A pioneering banker who played a significant role in establishing the National Provincial Bank of England, and later served as a Member of Parliament.
Sir Charles Duncombe, a prominent English banker and Tory politician, amassed a staggering fortune in banking and politics. By the time of his death, he was reportedly worth £400,000, making him the richest commoner in England.
Born in November 1648, Duncombe was the second son of Alexander Duncombe of Drayton Beauchamp, Buckinghamshire, and his wife Mary Pawley. He was apprenticed to the London goldsmith Edward Backwell in 1665, where he honed his skills and eventually became a member of the Goldsmiths Company in 1672.
Duncombe's fortunes changed dramatically when Lord Shaftesbury tipped him off about an impending government debt suspension, allowing him to withdraw a large sum of money from the Treasury. When Backwell was ruined as a result of the suspension, Duncombe took over his premises in Lombard Street, establishing himself as a prominent banker.
Duncombe held various government positions, including Cashier of Excise, Commissioner for the Mint, and Clerk in Chancery, between 1680 and 1697. He utilized his public income to establish a new type of credit agency, further solidifying his financial prowess. Additionally, he made substantial profits by manipulating the market in Exchequer tallies.
In 1685, Duncombe was elected to the English House of Commons, where he served until 1711. He later became the Lord Mayor of London from 1708 to 1709, further cementing his influence and reputation.
Throughout his life, Duncombe demonstrated remarkable financial acumen, amassing a vast fortune that eclipsed many of his contemporaries. His net worth of £400,000 at the time of his death made him the richest commoner in England.
Sir Charles Duncombe's contributions to the world of finance and politics continue to inspire and fascinate historians and entrepreneurs alike. His shrewd business sense, strategic thinking, and adaptability serve as a testament to his enduring legacy.
Sir Charles Duncombe's remarkable life serves as a testament to the power of financial savvy, strategic thinking, and adaptability, inspiring future generations to strive for excellence in their respective fields.
