How wealthy was Italy at the beginning of Renaissance?

At the beginning of the Renaissance, Italy was the richest and most prosperous region of Europe. Many factors contributed to its economic might, including the rise of city-states such as Venice, Florence, and Milan, the expansion of trade and commerce, and the development of new technologies and financial instruments. As a result, Italy enjoyed a golden age of cultural and artistic achievements, the benefits of which are still admired around the world today.