The Vatican's asset management generated 62 million euros in earnings for 2024. This financial report provides insight into the Vatican's investment performance. The earnings figure represents the outcome of the Vatican's investment activities.
5 months ago
The Administration of the Patrimony of the Apostolic See (APSA) reported net profits of 62.2 million euros ($72.1 million) for the 2024 fiscal year, marking one of the highest figures since public financial reports began 2. This significant earning represents a 16 million euro increase over the 2023 profit of 45.9 million euros 2.
APSA contributed 46.1 million euros ($53.4 million) to cover the Holy See’s deficit, which is 8 million euros more than its 2023 contribution 2. This contribution was divided into a fixed portion of 30 million euros and a variable portion equivalent to 50% of the residual net profit 2. Archbishop Giordano Piccinotti, president of APSA, highlighted that these results provide significant coverage for the Roman Curia's financial deficit 2.
Archbishop Piccinotti attributed the improved financial performance to better management and valuation of assets, including restructuring property management to allow rentals at market prices 2. He emphasized that APSA's operations are guided by an "ecclesial vision of patrimony," viewing assets as instruments serving the Church's mission, promoting communion, and fostering a sense of belonging 2. The management strategy also prioritizes collaboration, transparency, and the common good, investing in inter-institutional relations and clear, traceable processes 2. The 2024 financial report is the fifth to be publicly released, reflecting the ongoing economic reforms initiated by Pope Francis 2.
Real estate management, a core component of the Holy See’s assets, generated stable revenues of 35.1 million euros ($40.7 million) in 2024 2. This stability was achieved through increased rental income in Italy and abroad, despite a rise in maintenance expenses 2. APSA manages 4,234 real estate units in Italy, with 2,866 being its own, and also holds assets internationally through affiliated companies 2. Financial investments also saw strong performance, with APSA adopting the Holy See’s Investment Committee guidelines and utilizing separate management accounts (SMAs), leading to an 8.51% return and an additional 10 million euros in profit compared to 2023 2.
APSA demonstrated its commitment to ethical and pastoral criteria, paying 6 million euros in municipal property tax (IMU) and 3.19 million euros in corporate income tax (IRES), refuting notions of widespread tax exemptions 2. Furthermore, nearly 40% of APSA’s staff provide essential services like accounting and maintenance to other Vatican entities 2. Looking ahead, APSA is involved in the "Fratello Sole" (Brother Sun) initiative, an agrovoltaic plant project aimed at supporting the Vatican’s energy transition and integral ecology, a project supported by Pope Leo XIV 2. Archbishop Piccinotti expressed optimism about continuing to improve deficit coverage in 2025, noting that while management is already strong, there is still room for further enhancement 2.
How does the Church's financial stewardship serve its mission?
The Church's financial stewardship serves its mission by ensuring that temporal goods are managed wisely, honestly, and transparently, primarily for evangelization and charity . This administration is a clear way of proclaiming Jesus' message of liberation to the poor and oppressed .
The temporal goods of the Church are intended to fulfill several aims:
The Church emphasizes several key principles in the management of its financial resources:
To ensure proper stewardship, the Church has established various bodies and norms:
In essence, the Church's financial stewardship is not merely a bureaucratic task but a communication effort that fosters a change in culture, gives visibility to valuable initiatives, and ultimately serves the Church's mission of truth and integral human development by reflecting God's gift to humanity and serving the common good .