The Administration of the Patrimony of the Apostolic See (APSA) published its annual report on July 31.
The Vatican’s financial investments and assets rose to a net worth of approximately $3 billion (2.686 billion euros) in 2025.
According to the annual report released on July 31 by the Administration of the Patrimony of the Apostolic See (APSA), the profit increased by $102 million (89 million euros) compared with 2024. The profit was also mainly due to the revaluation of physical gold, the increase in the value of real estate, and the positive valuation of financial securities.
Speaking to Vatican Media, APSA President Archbishop Giordano Piccinotti said that comparing profits in 2024 and 2025 should be done with caution, as 2025 was marked by extraordinary income from the reorganization of financial flows, a situation he described as unrepeatable.
“APSA’s purpose is not to generate an annual profit, but rather to preserve and strengthen the patrimony entrusted to it,” he stated.
A profit driven by real estate
According to the 2025 report, real estate management was APSA’s main economic driver that year, with a profit of $51 million (44.5 million euros), an improvement of $10.8 million (9.4 million euros) over the $40.3 million (35.1 million euros) recorded in 2024.
This growth was driven by higher income from properties directly managed by APSA in Italy. APSA also manages approximately 1,200 properties abroad, including residential and commercial units, primarily in London, Paris, Geneva, and Lausanne, Switzerland.
APSA also made profits from its stakeholdings in several companies, including the Société Sopridex in France, the British Grolux Investments in the United Kingdom, and Profima S.A. in Switzerland.
Cardinal Becciu and the London property sale
For investments, APSA reported that it continues the financial and legal procedures for the divestment of the Luxembourg fund U.K. Opportunities (Sloane & Cadogan), in compliance with a 2020 motu proprio issued by Pope Francis to strengthen transparency and control of Vatican investments.
The fund is linked to the controversial real estate deal involving the Sloane Avenue building in London, which led to one of the Vatican’s biggest financial scandals in recent years. Cardinal Angelo Becciu, the former prefect of the Congregation for the Causes of Saints, was at the center of this scandal, and the Vatican sentenced him to five years and six months in prison.
Since his conviction in 2023, Becciu has pleaded not guilty to the charges and denied any wrongdoing.
The Vatican court ordered a retrial of Becciu’s case on March 17 after the initial sentence was overturned due to a “relative nullity” caused by violations of the right to defense. On Sept. 30, the appeal process against Becciu and other defendants will resume.
Growth by gold, money in reserves, and supporting Roman Curia
The growth in assets was mainly driven by the revaluation of physical gold in the portfolio, which contributed $46.9 million (40.8 million euros), as well as by the increase in the value of real estate by $45.1 million (39.2 million euros) and the appreciation of financial securities by $18.8 million (16.3 million euros).
Financial management showed a negative accounting result of $4.3 million (3.7 million euros) in 2025, compared with a positive $43.8 million (38.1 million euros) in 2024. However, APSA explained that this figure is mainly due to the application of the new Holy See accounting standards, the Vatican Financial Management Policy.
In 2025, APSA allocated a total of $26.1 million (22.7 million euros) to cover the financial needs of the Roman Curia, fully complying with the contribution requested by the Holy See.
This story was first published by ACI Prensa, the Spanish-language sister service of EWTN News. It has been translated and adapted by EWTN News English.
