Vatican finances boosted by gold, real estate gains last year

The Vatican’s asset management arm reported that its operating surplus fell by more than 60% in 2025, to €22.8 million ($26.2 million), as the year marked the transition from Pope Francis to Pope Leo. Despite weaker operations, overall wealth rose: net assets increased by €89 million to €2.686 billion. The Administration of the Patrimony of the Holy See (APSA) transferred €22.7 million to support the Holy See’s activities. APSA cited “ordinary operating conditions” and prioritizing preservation of Church patrimony over maximizing profit. Investments avoided high risk, with 17% in equities, 32% in bonds, and 29% in physical gold. Gold revaluation added €40.8 million and real estate added €39.2 million, while securities contributed €16.3 million.