Vatican Releases Financial Assets for 2025 Revealing $3 Billion Increase of Net Worth Despite Change in Papacy

 

APSA 2025 Financial Summary: Key Highlights

Despite a transition year following papal succession, the Administration of the Patrimony of the Apostolic See (APSA) maintained full operational stability, balancing continuous service to the Roman Curia with strong growth in the Holy See’s reserves.

1. Growth in Net Assets

  • Total Net Assets: Reached about $3 billion USD which in Euros is €2.686 billion (an €89 million increase over 2024's €2.597 billion).

  • Primary Drivers:

    • Gold revaluation: +€40.8M

    • Real estate revaluation: +€39.2M

    • Securities revaluation: +€16.3M

2. Financial Performance & Portfolio Returns

  • Operating Result: €22.8 million (compared to an extraordinary €62.2 million in 2024 driven by portfolio restructuring).

  • Proprietary Portfolio Return: 14.37% total return. Guided by a conservative allocation (32% bonds, 29% physical gold, 17% equity, plus liquidity buffers).

  • Accounting vs. Actual Portfolio Result:

    • Shows an accounting loss of -€3.7 million under new Vatican Financial Management Policy (VFMP) standards, which direct realized gains straight into asset reserves rather than the income statement.

    • Under traditional accounting, actual portfolio returns totaled +€12.6 million (including ~€16 million in realized gains transferred directly to Net Asset reserves).

3. Real Estate Performance

  • Result: €44.5 million (up €9.4 million year-over-year) driven by operational efficiencies and reduced maintenance costs.

  • Property Holdings: Manages 4,281 units in Italy and ~1,200 international units (London, Paris, Geneva, Lausanne).

  • Strategy: Launched a 3-year plan (2025–2027) to sell non-strategic assets and reinvest in higher-yielding properties.

4. Direct Support & Unseen Services to the Holy See

  • Financial Contribution: Fully paid €22.7 million to fund Roman Curia operations, leaving a symbolic surplus of €155,000 added to Net Assets.

  • Operational Backbone: 40% of APSA staff work to support other Vatican entities—largely free of charge.

    • Served as central purchasing body for 4,417 procurement requests (75% for external Vatican entities).

    • Managed accounting for 77 Entities and processed >50,000 payments.

5. Future Outlook

  • Key upcoming projects focus on ethics and sustainability, including the "Fratello Sole" agrivoltaic project and the redevelopment of the Domus Paolo VI.

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