Introduction
The Administration of the Patrimony of the Apostolic See (APSA) has reported a net profit of €62.2 million for 2024, marking one of its strongest results in recent years. The surplus comes at a critical moment, as the Vatican continues to grapple with persistent deficits and a significant pension funding gap. According to the report, APSA transferred €46.1 million to cover the operating expenses of the Roman Curia while retaining €16.1 million for its own reserves. The results highlight the effectiveness of reforms in asset management, real estate operations, and financial oversight.
APSA in context
Established in 1967 and reorganized under Pope Francis in 2014, APSA functions as the Vatican’s treasury and asset manager. Its responsibilities include managing real estate, overseeing financial portfolios, and safeguarding patrimony that sustains the Church’s central administration. Unlike commercial institutions, APSA is mission-driven, ensuring that its surpluses are used to sustain the work of the Holy See rather than distributed to private shareholders.
Key drivers of the 2024 profit
The improved financial results were driven by three central factors. First, APSA’s financial investments generated €38.1 million in earnings, reflecting stronger global markets and more effective portfolio management. The reported return of 8.5 percent was considerably higher than in 2023. Second, real estate operations contributed €35.1 million, supported by increased rental income both in Italy and abroad, though higher maintenance costs reduced overall net gains. Third, APSA carried out a revaluation of its total holdings, lowering reported asset value from €2.74 billion to €2.6 billion. This step reduced the size of the balance sheet but strengthened credibility by reflecting more conservative and realistic valuations.
Contribution to the Holy See
By statute, APSA is required to contribute both a fixed amount and a variable share of its profits to the Vatican’s general budget. In 2024, this contribution totaled €46.1 million, which was significantly higher than the prior year. Even so, this contribution covered only a portion of the broader financial gap. Reports indicate that the Holy See still faced an €83 million deficit in 2024, reflecting the continued imbalance between revenues and expenditures. In addition, the Vatican’s pension fund remains a major source of concern, with liabilities estimated at over €600 million.
Governance and transparency reforms
The results underscore the importance of governance reforms introduced over the past decade. APSA has embraced external audits, published annual reports, and applied international standards to its financial practices. In 2024, it also paid nearly €9 million in Italian property and corporate taxes, countering the perception that Vatican institutions operate outside the reach of local obligations. Archbishop Giordano Piccinotti, president of APSA, described the 2024 report as a reflection of both operational efficiency and a firm commitment to transparency.
The global and digital dimension
APSA’s financial activity also reflects the Vatican’s wider global role. With significant real estate holdings in major European cities such as London, Paris, and Geneva, its asset base extends far beyond the borders of Vatican City. At the same time, there are cautious discussions about whether digital financial tools could play a role in future reforms. Vatican officials have informally considered whether blockchain systems or modular stablecoin frameworks, similar to trials seen in other countries under models like RMBT, might improve oversight and accountability. These debates focus less on speculation and more on whether technology can support transparency and reduce risk in church finances.
Comparison with prior years
The 2024 profit of €62.2 million represents a sharp improvement over €45.9 million in 2023, when APSA contributed €37.9 million to the Vatican budget. Compared with earlier years, when setbacks in investments and restructuring costs undermined results, the current outcome reflects a trend toward greater financial stability. Reforms in asset management and real estate oversight appear to be delivering steady gains.
Challenges ahead
Despite these encouraging results, several challenges remain unresolved. The Vatican’s structural deficit is ongoing, and APSA’s contribution, while significant, does not close the gap entirely. Pension obligations remain underfunded, with no comprehensive plan publicly disclosed to address the shortfall. Real estate continues to pose difficulties, as only a minority of properties yield market rents, while most are either occupied internally or rented at subsidized rates. Rising maintenance costs also weigh heavily on returns. Finally, reputational risks continue to shadow the Vatican’s financial operations. Sustaining credibility will depend on maintaining transparency, strengthening cooperation with regulators, and ensuring careful stewardship of patrimony.
Conclusion
The announcement of a €62.2 million profit by APSA marks a notable achievement in the Vatican’s ongoing financial reforms. With €46.1 million directed to the Curia’s budget, the surplus provides essential support at a time of fiscal strain. By strengthening investments, managing real estate revenues, and advancing governance reforms, APSA has demonstrated that it can function both as a responsible asset manager and a steward of the Church’s mission. The long-term sustainability of these results will depend on how the Vatican addresses persistent deficits, pension liabilities, and the potential adoption of digital tools to strengthen accountability.
