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...and believe me, I hold no brief for the Vatican.
But the FACTS are that the Vatican actually controls only a very modest capital of liquid wealth.
Most of the value of the Vatican patrimony is in the form of priceless art, architecture, and cultural artifacts. It costs the Vatican plenty to curate these. They invest quite a bit in caring for this cultural heritage, and do a decent job of keeping it accessible, considering the masses of material and their limited resources. Certainly they do a better job than any other single government, and there is a considerable intangible value to having that bulk of material under one coordinated curatorship, as opposed to dispersed.
Aside from the vast "capital value" of artwork, buildings, manuscripts, artifacts, etc., the Vatican's assets are quite modest.
Yes, if you added up the value of every Catholic Church and the ground it stands on, plus the bank accounts of every parish, diocese, etc., all around the world, the sum would be staggering. But the practical truth is, the Vatican has no control over anything but its own revenues, which are mostly allocated to the basic operating costs of the Vatican City State, the Roman diocese, St. Peter's Basilica, the Curia, the various Dicasteries (Church government 'departments') etc.
The Vatican City State employs about 1500 people. The Holy See employs about another 2,500. Not large by any standards.
The salary of a Cardinal in the employ of the Holy See works out to about $35,000-$40,000 a year, plus free housing, but they pay their own utitilities and household expenses.
Other employees are actually paid on a more liberal scale that takes into account seniority, number of dependents, job rating, etc. Lay employees get overtime; religious do not. Otherwise there's little difference.
The Vatican Bank has been through a lot of scrutiny lately; as have the auditing and financial operations of the Administration for the Patrimony. They just computerized in the 90s and their bookkeeping system was originally set up in the 19th Century, so the progress they've made has been slow, but reasonable considering what they're up against. The Bank manages investments, but its strategy is very conservative, which means the returns are reliable, but modest. They are also guided by the moral principles of the church-- they don't invest in pharmaceutical companies that manufacture birth control, don't invest in war material producers, etc.
Most of the "Peter's Pence" revenue collected from Catholics for the Vatican is earmarked directly for spiritual and charitable works under the various projects for Refugees, for Health Care Workers, Interreligious Dialogue, etc. Still, it's less than $150 million a year, and that doesn't go far nowadays.
pedantically, Bright
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