He was born in Bridgwater in Somerset,[4] the 4th son of Richard Fones of Bristol in Gloucestershire by his wife Joane Tindall, whose family was from the Isle of Axholme, as reported by Thomas Fownes himself in his return to the 1620 Heraldic Visitation of Devon.
Worth in his History of Plymouth (1871) wrote:[13] "About the end of the seventeenth century and the beginning of the eighteenth century when from various causes Plymouth seemingly enjoyed a greater share of trade than at any other time the Pollexfens, Rogerses, Trelawynes of Ham, Hewers of Manadon, Fowneses and Calmadys accumulated large fortunes from the fisheries and other sources.
The Fowneses bought Plympton Priory land at the Dissolution, that property subsequently passing to the Fownes-Luttrells of Dunster Castle".
[14] In his will he mentions "I lately built and erected a messuage, hospital and alms house near the Great Hill in Plymouth, containing thirteen rooms".
[15] Worth's Plymouth Municipal Records record a deed dated 2 March 1626: "Counterpart of grant by mayor and commonalty to Thomas Fownes, merchant, his heirs assigns of the messuage, house, hospital and almhouse within the said borough by the grantee (Thomas Fownes) on the Great Hill".