Leopold is the modern form of the Germanic name Luitbald, composed of two stems, common to Germanic names. The first part is related to Old High German liut meaning "people", the second part bald or balt is of Germanic origin and means "brave". The name is not related to the names Leon and Leonard which mean lion. The name gradually spread across Western Europe and during the 16th century it became popular in the southern Holy Roman Empire, due to the influence of the Margraves of Austria from the Babenberg dynasty. Over a dozen Austrian rulers took the name, as did nearly a dozen from other European realms.

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