Where does the Vatican’s money come from?

In 2021, Peter’s Pence collected 46.9 million euros and posted a deficit of 18.4 million euros, the Holy See announced June 16, 2022. In terms of revenue, 2021 represented a slight recovery after a very bad year in 2020 due to the pandemic (44.1 million euros), but remains far from the 69.7 million euros collected in 2015.

The Peter’s Pence collection is the name given to the financial support offered by the faithful to the Pope to help him “respond to the needs of the universal Church and help the most needy,” recalls the Holy See’s statement. This year, the Holy See has given more detail on the way these donations are used as well as where they come from.

The Holy See stated that 65.3% of donations came directly from dioceses, followed by 22% from foundations and 9% directly from the faithful (4 million euros). Finally, donations from religious orders represented 3.7% of all donations.

Regarding donations from dioceses: they come mostly from the United States (29.3% of all donations, or 13 million euros). The American dioceses are followed by those of Italy (11.3%, or 5 million euros) and Germany (5%, 2.3 million euros).

The next largest contributors are South Korea (1.4 million euros, 3.2%), followed by France (1.2 million euros, 2.7%). Spain and Brazil each account for 2% of donations. Ireland, the Czech Republic, and Canada follow with donations of less than 1 million euros. These 10 countries alone account for 59.7% of the income of the Pence.

To meet the expenses – 65.3 million euros in 2021 – 18.4 million euros were taken from the existing investment. The sums of 55.5 million euros were to “help the apostolic mission” and 9.8 million euros for direct assistance projects. Specific use of the funds can be seen here.

Of these 9.8 million, 40% of the projects funded were African, 22% American, 24% Asian and 12% European. Nearly half of the projects were social – for example, building educational infrastructure or an initiative against sexual exploitation; one-third were dedicated to funding the presence of “churches in need” – for example, building dormitories in Indonesia and South Sudan; and one-fifth to preserving and expanding the presence of churches – for example, renovating a monastery in Ecuador or building a cathedral in Portugal.

The 55.5 million euros contribute to 23% of the total expenses of the Holy See in 2021 (237 million euros). The sum is divided equally among its various missions – support for particular Churches, funding for communication and worship, maintenance of nunciatures and historical heritage, etc.

This effort at transparency by the Holy See is aimed at repairing a tarnished reputation, as Peter’s Pence has been associated with various financial scandals. The latest, the London building affair, is currently being examined by the Vatican judiciary. However, the current senior financial officers of the Holy See have recently assured that the losses attributed to this affair have been compensated so that the donations serve the Pontiff’s mission well.

Since the promulgation of the new Apostolic Constitution Praedicate Evangelium, the Secretariat for the Economy now has a right of control over the fund, whose financial management has been entrusted to the Institute for Religious Works, now the only Vatican bank. These decisions should allow for better control and greater transparency.

Read more:‘Going to London was biggest mistake of my life’: Banker bemoans Vatican building deal