Myths about the Vatican

Many myths abound about the Vatican. I've just plucked out the section on wealth, but other myths covered are ultra-centralisation, secrecy and careerism.

Another myth is that the Vatican is ultra-wealthy, he said. The annual operating budget of the Vatican City State is $270 million, he said, comparing that with the annual operating budget of Notre Dame University in South Bend, Indiana which is $1.2 billion.

The Catholic Church in the United States collects $200 million a week, almost enough in a week to fund the Vatican for a year, he said.

As for the buildings, real estate and money in the patrimony of the Holy See, Allen said it amounts to an endowment of $1 billion. The endowment of Notre Dame University is $30 billion and that of Harvard University $100 billion.

The Holy See’s financial means are “not as endless as people imagine,” he said.

As for the Vatican art, it is “literally priceless,” Allen said, because it can never be sold but is kept for the benefit of humankind and requires millions of dollars to maintain and restore. Though the Vatican museum collects entry fees, that money is used to defray the mammoth maintenance and restoration costs.

Related link: Veteran Rome reporter blasts Vatican myths