In the Middle Ages or 16th and 17th centuries, a cloth merchant was one who owned or ran a cloth (often wool) manufacturing or wholesale import or export business. A cloth merchant might additionally have owned a number of draper's shops. Cloth was extremely expensive and cloth merchants were often very wealthy. A number of Europe's leading banking dynasties such as Medici and Berenberg built their original fortunes as cloth merchants. In England, cloth merchants might be members of one of the important trade guilds, such as the Worshipful Company of Drapers.