Largest colonial empire in the 16th century.

The largest colonial empire in the 16th century was Spain, ahead of Portugal with its African possessions.
Having discovered the Caribbean, Spain began to actively develop new lands. Then expeditions began to go to the New World in search of golden cities, conquering the Aztecs, Mayans and Incas. From Mexico to the Strait of Magellan. After the first voyage around the world, Spain established colonies in the Philippines, starting to trade in spices. Gold was exported from Mexico and Spanish Peru, Colombia, filling the treasury.