Briefcases are descendants of the limp satchel used in the fourteenth century for carrying money and valuables. It was called a "budget", derived from the Latin word "bulga" or Irish word "bolg", both meaning leather bag (in Irish it also means 'stomach'), and also the source of the financial term "budget".
Godillot of Paris was the first to use a hinged iron frame on a carpet bag in 1826. There then followed the Gladstone bag and the Rosebery, an oval-top bag. Eventually these became the modern metal-framed briefcase. The first of what is known as the modern rectangular briefcase is said to have been invented in the late 1850s. In 2014, the global business bag market was $9.4 billion.1
Bain, Mark (25 March 2015). "The story behind the red box that Lee Kuan Yew carried everywhere". Quartz. Retrieved 25 March 2015. https://qz.com/369188/the-story-behind-the-red-box-that-lee-kuan-yew-carried-everywhere/ ↩