To begin with, the legendary wealth of the Vatican is to some extent more myth than reality. The Vatican has an annual operating budget of under $300 million, while Harvard University, arguably the Vatican of elite secular opinion, has a budget of $3.7 billion, meaning it's 10 times greater. The Vatican's "patrimony," what other institutions would call an endowment, is around $1 billion. In this case, Harvard's ahead by a robust factor of 30, with an endowment of $30.7 billion.
The Vatican bank controls assets estimated at more than $6 billion, which is nobody's idea of chump change, but most of that isn't the Vatican's money. It belongs to religious orders, dioceses, movements and other Catholic organizations, and is managed by the Institute for the Works of Religion to facilitate moving it around the world.
Wednesday, March 20, 2013
Vatican Wealth in perspective
Posted by Fr Ray Blake