What was one way the European countries increased their wealth and power?

Establishing colonies in North America

colonies in the 16th century were seen as source of power and prestige. It is spain and Portugal that led the way, and their success and accumulation of wealth during that era made other european countries such as Great Britain and France to join.

European countries increased their wealth and power through colonization. Various European powers including the British French and Spanish established colonies all over the world including even in North America. They were then able to obtain raw materials and even tax the colonies