How Rich is Vatican – Inside Economy of Vatican

Vatican is a very small
independent city state with a small population
of around 1000 people. It covers an area of
only 100 acres to call itself the smallest city
state on the earth. This city state came into existence
long back in 1929 by Lateran Treaty. Vatican is actually
composed of two entities which are Holy See and
the Vatican City state. And in general Vatican is
not the sovereign country rather its sovereignty
is held by Holy See. Situated in the heart of Rome,
this smallest and beautiful city state is a monarchical state
that is ruled by the Pope. This city carries a
rich culture that has world famous sculptures,
paintings and more. Some of the very popular
sites of Vatican are Vatican Museum, Sistine Chapel and St.
Peter’s Basilica. It is true that Vatican,
the independent city state is said to be the rich of
richest city in the world. But the debate is how rich is this city
and what is the actual wealth size? This part is discussed
below in more details. How much wealth Vatican have? Vatican’s wealth is so huge that
is not actually possible to asses. So, even though we have heard a
lot about the vast wealth of this city-state but it is really hard
to come out with an exact figure. Already mentioned that Vatican is composed
of Vatican City state and Holy See. And as per estimation by Forbes, Vatican’s
wealth is nominal and measurable. It counts to hundreds of
millions actually considering all the various funds and
entity’s investment. But it is in fact Holy See that maintains
a huge amount of wealth acting as the central point for the Catholic
Church all across the world. It is true that the economic condition
and finances are slowly changing but the Vatican City still continue
to be the richest state in the world. And it is never broken. As per an estimation during
1965 by the Time Magazine, the wealth of Vatican was
tens Billions of Dollars. Later in 2015, another estimate
suggested that the Vatican Bank hold an amount of $8 billions, so the
overall wealth will be much higher. This City state has much in store which
is not really possible to asses. For example, the Gold laden
palatial church, the excellent art work by
Michelangelo and Raphael etc. have a much higher value and also
they will never be sold off actually. Vatican City owns huge number
of churches across the globe. It also own numerous religious
building that have several historical precious treasures
that serve 1.2 billion Catholics. Coming to the Vatican
Bank, it owns around $65 billion of assets on behalf
of 17,400 customers. This estimation is according
to an article in IBT in 2014. The Bank also owns $764 million equity. And it has reserves gold worth $20
million with the US Federal Reserve. However, the Vatican Bank
news came to light several times for several scandals
over the past years. It was accused for funding all
those priest trapped in the sex abuse case and also lending money
to the fraud and criminals. So, the above mentioned figure is
actually an average and estimated amount. The real net balance of the
Bank is hard to calculate. Now the question will rise on
many mind that what is source of income and revenue of this smallest
of the smallest city state. The first thing that made the Vatican
City is a very rich city state is the number of Catholic Church
all over the world under them. And then that very precious
and valuable sculpture, art work by renowned people like
Michelangelo and Raphael. And of course the Vatican Bank which hold
huge amount of asset in various ways. Anyways these are the fixed asset
and are not able to asses. The main source of income is donation. Yes, the Catholics are big
donor and they donate a great part of their
income to the churches. Also there are corporate
donors, government grants and the churches
own investment concept. As per a study, the American Catholics
make a donation of $10 in a week. There are almost 85 million North American. So, on an average the Catholic Church
can earn almost $850 million in a week. This is only the individual
Catholics donation while the corporate donation
is not included here. Other sources of income
include stamp and the memento sales, museum
admission fee, etc. Vatican issue their own euros,
passport and the license, print their own stamp and
operates their own media outlet. The only thing that lacks this
rich City state is the taxation. Here are some interesting
facts about the Vatican City: This is the smallest city
state on the planet. This state came into existence
back in 1929 after the war between Catholic Church
and the Italian Government. The church received a compensation
of $92 million after the settlement. Even though the church was ruled by the
pope but they still used to live in Lateran Palace across Rome and it was in 14th century
when they started living in Vatican. The population of Vatican is 1000. But most of them around 600
people live in abroad. Vatican have a telescope in Tucson,
Arizona which is a research centre. So, even though the size of
this City is really very small, it practices a rich culture
and has a very rich economy. Its size is compared with the
central park of New York. Vatican City has a size of 1/8th
of the Central park of New York. And it was once claimed
that Vatican is broken up. But, this is actually wrong
and the economic situation of the state is much
better than we thought. Its richness can’t be
compared with anything.

Leave a Reply

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