Vatican reports €62M profit amid ongoing financial crisis

By
Paraluman P. Funtanilla
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VATICAN CITY. The Vatican’s central investment and real estate office reported a profit of €62 million (approximately $63 million) for 2024, a notable increase of €16 million compared to 2023. The report brings a glimmer of financial optimism as Pope Leo XIV begins to confront the Holy See’s long-standing economic challenges.

According to the Administration of the Patrimony of the Apostolic See (APSA), €46 million of this profit was used to help cover the Vatican’s operational expenses. About €10.5 million came from successful investments, while earnings from real estate remained steady with last year’s levels.

Despite the improved figures, the Vatican continues to face serious structural deficits, estimated at €50 to €60 million annually, along with a projected €1 billion shortfall in its pension fund, one of the most pressing financial issues confronting the newly installed pope.

Pope Leo XIV, a Chicago-born former mathematics major, has reportedly focused much of his early pontificate on addressing the financial crisis. His schedule has been filled with meetings with various Vatican financial departments.

The Vatican currently holds 4,234 properties in Italy and 1,200 more across London, Paris, Geneva, and Lausanne. However, only about 20% are rented at full market value. Approximately 70% are used for Vatican or church offices and generate no income, while the remaining 11% are rented at discounted rates to Vatican staff.

In 2024, real estate generated €35 million in profit, mirroring 2023’s results. APSA cited rising maintenance costs as a factor limiting profit growth, noting €3.8 million was spent on upkeep last year. Analysts have long suggested that upgrading these properties could unlock significant revenue potential, but limited funds for renovation have hindered those efforts.

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Paraluman P. Funtanilla
Contributing Editor

Paraluman P. Funtanilla is Tutubi News Magazine's Marketing Specialist and is a Contributing Editor.  She finished her degree in Communication Arts in De La Salle Lipa. She has worked as a Digital Marketer for start-up businesses and small business spaces for the past two years. She has earned certificates from Coursera on Brand Management: Aligning Business Brand and Behavior and Viral Marketing and How to Craft Contagious Content. She also worked with Asia Express Romania TV Show.

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