Vatican Owns Over 5,000 Properties Worldwide, It Reveals In First Disclosures On Its Real Estate Holdings
Top line
The Vatican owns more than 5,000 church and investment properties around the world, as a Catholic Church headquarters revealed for the first time on Saturday, according to several news outlets – but the church is struggling with a budget deficit and years of alleged mismanagement of its investment strategy.
Believers attend the Pope’s Palm Sunday Mass on April 14, 2019 in the Vatican.
AFP via Getty Images
Important facts
Most of the Vatican’s real estate holdings (4,051) are in Italy, most of which are used by church-related groups or rented at discounted prices instead of at market prices, according to a report by the Ecclesiastical Administration of the Heritage of the Holy See (APSA) obtained from Reuters, the Catholic News Service, and other media outlets.
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tangent
The Roman Curia – the central governing body of the Catholic Church – had an operating deficit of $ 76.3 million in 2020, up from a deficit of $ 93.2 million in 2019, according to a Saturday published by Jesuit America magazine the budget declaration received. In an interview with Church-run Vatican News, church official Father Juan Antonio Guerrero Alves called the Curia’s 2020 performance “better than we expected,” also because the Church cut spending during the coronavirus pandemic. However, the Church reported a larger headline deficit in 2020 than it did in 2019, largely due to a decrease in unrealized financial gains.
Key background
The Vatican’s financial practices – and its real estate holdings in particular – have drawn scandal and scrutiny for years. Pope Francis reorganized how the Church’s property investments are monitored last year after years of trying to reform the Curia amid allegations of embezzlement and endemic financial mismanagement. Several people are on trial for allegedly defrauding the Church of millions of dollars in connection with their London property investment nearly a decade ago.
further reading
Behind the Vatican’s London Real Estate Scandal (Associated Press)
Vatican announces property ownership for the first time as part of transparency campaign (Reuters)