Philip V (19 December 1683 – 9 July 1746), born Philippe de Bourbon, was King of Spain from 1 November 1700 to his abdication on 15 January 1724. He resumed his reign on 6 September that year, remaining king until his death.
Born as the grandson of Louis XIV of France, Philip was crowned King of Spain following the death of the childless Charles II. With both France and Spain under the leadership of the House of Bourbon, several other European powers feared that the two empires would grow too powerful.
To combat this potential threat, England, the Dutch Republic, Austria and the Holy Roman Empire formed an alliance and declared war on Spain in 1701, starting the War of the Spanish Succession. The war ended with a series of treaties in 1713 and 1714, which saw Philip remain in power of Spain, but losing his claim to the French throne. Philip also kept his title of "Overseas Emperor", although much of the Spanish Empire had been ceded to the British, who were also granted exclusive slave trading rights across Spanish America for the next thirty years.
After the war, Philip was in dire need of financial relief. Since Spain had accrued enormous wealth from their gold mines in the Americas during the war, Philip ordered that the treasure be brought back to Spain. Soon after leaving Havana however, the Spanish Treasure Fleet sank off the coast of Florida on 30 July 1715.
Despite these setbacks, the Spanish Empire prospered greatly during the 18th century, with its trading reputation growing steadily under Bourbon leadership, continuing to grow extraordinarily until the 1780s.