Gold and Real Estate: Vatican profits have fallen, but the value of its assets has risen sharply

The Vatican’s financial office has revealed that its operational profit dropped by more than 60 percent in 2025 compared to the previous year, yet the total value of its assets rose significantly due to gains from gold, real estate and investments. The Office for the Protection of the Holy See’s Assets (APSA), which manages the Vatican's financial portfolios and property holdings, announced the figures on Friday. According to the report, the Vatican’s operational profit amounted to 22.8 million euros in 2025, down from 62.2 million euros in 2024. Meanwhile, the net worth of the Vatican increased by 89 million euros to reach 2.686 billion euros. APSA stated that 22.7 million euros were transferred to support the daily operations of the Holy See. These figures offer new insight into Vatican finances as Pope Francis transitions to Pope Leo XIII following his death in May 2025. The new pope faces the challenge of addressing long-term budget deficits. Nabiscup Giordano Piccinotti, president of APSA, emphasized that the priority was not maximizing profits but preserving and strengthening the Church’s heritage. He noted that the Vatican had avoided risky investments in recent years, with approximately 17 percent of its portfolio invested in equities, 32 percent in bonds and 29 percent in physical gold. The Vatican also holds a substantial portfolio of real estate, managing nearly 5,500 properties worldwide. The largest contribution to the increase in net worth came from the revaluation of gold, which added 40.8 million euros to the Vatican’s wealth. Real estate appreciation contributed another 39.2 million euros, while the value of securities added 16.3 million euros. Real estate remained the primary source of regular income for APSA, generating 44.5 million euros in 2025—an increase of 9.4 million euros compared to the previous year. This growth was attributed to more efficient management, higher rental income and lower maintenance costs. The Vatican has increasingly relied on professional real estate management after a series of scandals, including a failed investment in London that led to major fraud-related lawsuits. A three-year program initiated in 2025 and set to conclude in 2027 aims to sell non-strategic real estate holdings. This initiative reflects broader efforts to streamline the Vatican’s asset base and improve transparency. The shift toward professional management follows years of public scrutiny over the Vatican’s financial practices. Recent reports have highlighted concerns over mismanagement and lack of oversight, prompting calls for greater accountability. The current administration under Pope Leo XIII is working to restore trust through improved governance and more transparent reporting. The Vatican continues to navigate complex financial challenges while balancing its religious mission with economic realities. With ongoing reforms and strategic adjustments, the institution seeks to ensure both stability and sustainability in its financial operations. As the new leadership takes shape, the focus remains on maintaining the integrity of the Church’s assets while adapting to evolving global economic conditions.