Vatican finances boosted by gold, real estate gains last year

The Vatican's operating surplus fell by over 60% in 2025 to €22.8 million, but its overall wealth rose due to gains in gold, real estate, and investments.

The Vatican's asset management ‌arm ​said on Friday its operating surplus fell more than 60% in 2025, but its overall wealth rose thanks to gains in gold, real estate and investments. In a year marked ‌by the transition from Pope Francis to Pope Leo, the Vatican's operating result totalled €22.8 million ($26.2 million), down from €62.2 million in 2024, while net assets rose by €89 million to €2.686 billion.

The Administration of the Patrimony of the Holy See, which manages the Vatican's financial investments and real-estate portfolio, ‌said in a statement it had transferred €22.7 million to help finance the Holy See's operations. The figures offer fresh insight into ‌the Vatican's finances as Leo, elected in May after the death of Francis, faces the challenge of overcoming years of budget shortfalls.

'RETURN TO ORDINARY OPERATING CONDITIONS' The Vatican had reported a 35.5% year-on-year increase in profits from holdings in 2024, but said accounts then had been boosted by a one-off restructuring of its ⁠investment ​portfolio.

"By contrast, 2025 represents a ⁠return to ordinary operating conditions," said Archbishop Giordano Piccinotti, the president of APSA, adding that the priority was not to maximise profit but to preserve and strengthen ⁠the Church's patrimony. It said the Vatican shunned high levels of risk, with some 17% of its investments tied up in equity markets in ​2025, 32% in bonds and 29% in physical gold. It also has a sizeable real estate portfolio, managing almost 5,500 ⁠properties worldwide.

The investment portfolio showed an accounting loss of €3.7 million last year under new Vatican accounting rules, but stronger real-estate earnings ensured a positive overall operating result. REVALUATION OF ⁠GOLD

The ​strongest asset gains came from a revaluation of the gold holdings, which added €40.8 million to the Vatican's net wealth. A rise in real-estate values contributed a further €39.2 million, while securities valuations added €16.3 million. Real estate remained APSA's main source of ordinary income, generating €44.5 ⁠million in 2025, up €9.4 million from a year earlier, which the agency attributed to more efficient management, higher rental income and lower ⁠maintenance costs.

The agency said it ⁠had launched a three-year programme running from 2025 to 2027 aimed at selling non-strategic properties. The Vatican has become increasingly focused on professional management of its real estate after a series of scandals, including a ‌failed London investment ‌that led to a major fraud trial.

($1 = 0.87 euros)