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How rich is the Vatican? So wealthy it can stumble across millions of euros just 'tucked away'

The Church's mysterious gold holdings have long been a source of debate. First, the Vatican Bank has been the center of embezzlement and fraud scandals for years, making it difficult to get an accurate count of what, precisely, the bank is holding in terms of cash flow. And second, in some countries America among them , religious groups aren't required to release financial statements. This is why much of the Vatican's gold is allegedly kept here in the United States, at Fort Knox.

While these numbers may not seem like much in the way of information transparency from such a large and reputedly mysterious institution, until a few years ago, not even these kinds of cut-and-dry statements were available to the public. However, upon his succession as Pope Emeritus Benedict XVI's replacement who resigned in the wake of a scandal involving leaked documents and money transfers to America to pay for priests' sex abuse trials , Pope Francis set about establishing widespread fiscal reform.

A June 5, , article in The Boston Globe outlined the pontiff's effort to internationalize the Vatican's financial management by firing its all-Italian Vatican Financial Information Authority Board. He immediately replaced the officials with representatives from Singapore, Switzerland, Italy, and the United States.

This marked a turning point in what was called Pope Francis' "honesty and transparency" campaign - a campaign that wasn't taken seriously until this point. But with the officials' termination, people began to take heed of Francis' actions. The pontiff also made the bank's financial, transfer, and operational statements public.

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Join Today Already a member? How Much Money Does the Vatican Have? July 24, , And the truth of the matter is that nobody knows for sure. There are a couple of reasons for this uncertainty This article appears in: Investing , Investing Ideas.

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Roman Catholic Church’s wealth impossible to calculate | National Post

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