Vatican City Unimaginable Wealth
Like every good Catholic, I’m sure you’ve had to defend the Pope, Mary’s virginity, priestly celibacy, and debunk the rubbish that emerges on TV and in tabloids, such as claims that Jesus had children and speculations about the Church’s alleged global influence. Someone always claims authoritatively that “The Vatican is the richest institution in existence; if it would sell everything it owns, it could eradicate poverty in the world” among such heaps of trash.
Does the Vatican possess more significant economic clout than multinational behemoths like Coke, Apple, and Walmart? The idea of the “Vatican’s immense wealth” was debunked in an article published by the economics-focused magazine Fortune. It further proved that the Vatican would not even be among the 500 wealthiest people on its renowned “Fortune 500” list.
How Rich Is The Vatican?
You might find a few dollars tucked away in the sofa cushion’s back if you’re lucky. But, unfortunately, it’s most likely simply crumbs and coppers.
But according to the cardinal in charge of the Holy See’s finances, the Vatican is so wealthy that it can find hundreds of millions of euros “tucked away” off its main bank sheet.
The Holy See is making ends meet and has significant assets and investments, except the pension fund, which must be bolstered to meet demands in 15 or 20 years.
Since hundreds of millions of euros were hidden in specific sectoral accounts and did not show up on the balance sheet, we have learned that the situation is considered healthier than it appeared to be.
So how much is the Vatican worth? It’s difficult to say. Pell claims that the Catholic Church has a history of financial secrecy that is gradually changing.
Furthermore, many of its assets, including its gold-studded palatial church property and valuable works of art by artists like Michelangelo and Raphael, are virtually hard to evaluate because they will never be sold.
The 1.2 billion Catholics worldwide are served by its extensive network of churches and other religious structures, many of which include priceless historical artifacts.
What Amount Of Wealth Is Under Vatican Control?
Vatican City, located in the center of Rome, Italy, is one of the wealthiest institutions on earth and one of the seven remaining absolute monarchies in the world. If you’ve ever visited the Vatican, which is a sovereign state, you’ve probably seen its incredible wealth, but how much is the Vatican worth?
The wealth of the Rothschild family is reportedly five times more than that of the top eight private billionaires in the world, but determining the Vatican’s total wealth is significantly trickier.
Since the number varies significantly depending on how you tally up their assets and ties with churches worldwide, as well as who you ask, it is almost difficult to determine the Vatican’s wealth.
The Secret Finances Of The Vatican Economy
Vatican City Revenue
Vatican City derives its income from more conventional, stately businesses. The city, which has a labor force of roughly 4,800, depends on a few small companies to make money. Million visitors and spiritual pilgrims visit the city each year, in addition to the Sistine Chapel, St. Peter’s Basilica, and the Vatican museums.
The sale of books, tours, highly sought-after stamps, coins, and museum admissions bring money to the city. The Central Intelligence Agency’s (CIA) World Factbook estimates the city had earnings of $315 million and expenditures of $348 million in 2013. Unfortunately, the Vatican does not disclose how much money it receives annually from these endeavors.
The Vatican Bank perhaps the most contentious and poorly understood aspect of the Vatican’s economics is the position of the Vatican Bank. The Vatican Bank, also referred to as the Institute for the Works of Religion, is a private bank with headquarters in Vatican City established in 1942 by Pope Pius XII. The bank has been the subject of various controversies and charges of poor management, fraud, and money laundering.
The Vatican Bank charged its former bank president and his attorney in February 2018 with embezzling 50 million euros through shady real estate and money laundering operations. However, the Vatican Bank stated that it was improving financial transparency and minimizing money laundering in its 2018 annual report, published in May 2019. In contrast to its $36 million profit in 2017, the bank posted a profit of $19.8 million in 2018. At the end of 2018, the bank’s assets were estimated to be worth roughly $5.6 billion and included investments and deposits from close to 15,000 account holders. Catholic clergy, workers at the Vatican, and members of Catholic religious institutions worldwide were among the account holders.
Is The Vatican The World’s Most Prosperous city?
- The total wealth of the Vatican City State is between $10 and $15 billion (real estate, buildings, art, cash, investments).
- As the world’s smallest country, its primary sources of income are tourism and a modest endowment left over from the Lateran Treaty.
- Considering that there are only roughly 550 citizens and 800 residents, this would appear to be rather good per capita. However, the Vatican’s Church and museum contain all of its wealth. The remainder is used to cover salaries and clean up after pilgrims and tourists.
- The actual pay for Vatican employees is relatively low, even below the standard in Italy, which is low compared to most of Europe. But neither an income tax nor a sales tax exists. Other benefits, like as opulent apartments, are provided for the privileged (the cardinals and bishops).
It is unknown how wealthy any individual Vatican citizen is, yet there is no poverty in the state. Despite having the smallest population of all the countries, Vatican City has the 18th-highest GDP per capita, with an estimated $21,198. The average earnings and living standards of lay workers are generally equivalent to—and in some circumstances, better than—those enjoyed by employees in Rome, and there are adequate health and pension facilities. Land inside the state’s boundaries is the exclusive property of the Holy See; hence, no person may own it, whether or not they are a citizen of the Vatican.
Why is Vatican City so rich?
Vatican City makes money by charging visitors to its museums and selling publications, coins, and stamps. Pope Francis has implemented changes that enhance financial responsibility and transparency due to the Vatican Bank being at the core of multiple financial scandals.
Is Vatican City wealthy or poor?
Vatican City is the 18th wealthiest country in the world regarding per capita GDP, despite the Holy See’s nominal GDP not being made public. It is believed to be $21,198.
Does the Vatican City have its currency?
In addition to being accepted as legal money in Italy and San Marino, the Vatican coins were produced in Rome. The Vatican City adopted the euro in 2002 at a rate of 1 euro = 1936.27 lire. Its own set of euro coins is available.
Who owns the Vatican?
The Holy See
Is there an army in the Vatican?
The Pontifical Swiss Guard, Noble Guard, Palatine Guard, and Papal Gendarmerie Corps have served as the de facto military for the Vatican City State since its founding. However, the Vatican City State has never possessed its armed forces.