While it is a long way from being the poor Church that Pope Francis would like, it appears the Vatican is not as wealthy as many like to assume. According to the current issue of Fortune magazine, which each year ranks the world’s wealthiest companies by revenue, the Holy See wouldn’t even come close to making the “Fortune 500”.According to the article, the Vatican’s total operating budget is about US$700 million and in 2013 it posted a small overall surplus of US$11.5m. Its portfolio of stocks, bonds and gold is worth around $920m, and though its property is worth $1.35 billion, most of its 2,000 or so flats are let to bishops and priests at peppercorn rents. However, the magazine does say lessons for big business can be learned from the way Francis is
04 September 2014, The Tablet
Fortune favours Francis
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