Connect with us

Hi, what are you looking for?

Jewish Business News

World News

The Vatican Owns More Than 5,000 Worldwide Properties

The Vatican had a 5% drop in revenue in 2020.

It turns out that the Catholic Church may very well be the world’s biggest landlord. The Vatican, in an unprecedented act, has revealed that it owns more than 5,000 properties around the world. In spite of this, The Vatican also reported a $78 million deficit in 2020.

Everyone knows that the Catholic Church holds a fortune in properties, investments, and artworks in its custody. The Church also owns various priceless artifacts and jewels. But the Vatican has always been secretive as to its financials. That is until now.

The information came out over the weekend as the world got its first-ever look at the budget for the Administration of the Patrimony of the Apostolic See (Apsa). Apsa manages real estate and investments, pays salaries, enacts purchases and handles human resources for The Vatican. The budget statement was first revealed by Jesuit America magazine.

Of the total, 4,051 properties are owned in Italy alone. Another 1,120 properties are owned by the church worldwide and this does not even include embassies around the world. An estimated 40% of the Italian properties are used for schools, convents, hospitals and other religious institutions.

The Vatican said that it was also adversely affected by the Covid-19 pandemic. The Coronavirus shutdowns caused a serious negative impact on the Vatican’s financial situation. This included a 66.3 million euro ($78 million) deficit in the consolidated budget report for 2020. Maybe they will now need to sell some of those properties.

The Vatican saw a 5 percent drop in total revenues in 2020 than that of 2019. But this is a relatively low drop in income. This may be because private donations amounted to 23 percent of the income in 2020 compared with 18 percent in 2019. But this may only be because the huge drop in world tourism due to the Covid crisis led to the same amount in donations comprising a larger share of the income.

The income was generated by rents charged on properties owned, investments, visitors to their museums, catacombs and so forth. Services accounted for 58 percent of The Vatican’s 2020 income, compared with 68 percent in 2019.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...


Now Platika joins and elite club of $10 billion plus Israeli firms.