The Spanish conquest of the Inca empire began in 1524 and was mostly completed by 1533. The territory now called Bolivia was known as Charcas, and was under the authority of the Viceroy of Lima. Local government came from the Audiencia de Charcas located in Chuquisaca (La Plata—modern Sucre). Founded in 1545 as a mining town, Potosí soon produced fabulous wealth, becoming the largest city in the New World with a population exceeding 150,000 people.