US EditionHow the Vatican manages money and where Pope Leo XIV might find more
- The Vatican City faces ongoing budget difficulties in 2023, relying mostly on donations, museum ticket sales, investments, and property income to finance its operations.
- These financial challenges stem from years of falling Peter’s Pence donations, which peaked at $101 million in 2006 but dropped to $47 million during the COVID-19 pandemic before slightly rising again in 2023.
- Although U.S. Catholics gave an average of $27 million annually to Peter’s Pence from 2021 to 2023, the Vatican bank reported a 30 million euro profit in 2023 yet provided no funds directly to the Pope, while real estate profits remained modest at 35 million euros.
- Ward Fitzgerald of the Papal Foundation emphasized that the Vatican needs to recognize it owns numerous properties that do not support the church’s mission, highlighting the need to sell expensive holdings and seek a wider range of international donors.
- These conditions suggest the Vatican must increase fundraising outside the U.S. And consider monetizing its underperforming assets to address budget shortfalls and support its global activities.
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Associated Press News+36 Reposted by 36 other sources
How the Vatican manages money and where Pope Leo XIV might find more
The Vatican doesn’t tax its residents or issue bonds, and it's got a very big budget problem. It primarily finances the Catholic Church’s central government through donations that have been plunging, ticket sales for the Vatican Museums, as well as income from investments and an underperforming real
·United States
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Total News Sources38
Leaning Left16Leaning Right5Center12Last UpdatedBias Distribution48% Left
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- 48% of the sources lean Left
48% Left
L 48%
C 36%
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