The Journal. The Financial Mess Facing the Vatican
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May 7, 2025 
Drew Hinshaw, a Wall Street Journal journalist based in Rome, sheds light on the Vatican's complex financial crisis. He discusses how centuries of mismanagement have led to a staggering budget deficit and a struggling pension fund. As the new pope prepares to take the reins, Hinshaw reveals the tensions within the Vatican over financial reforms, the secrecy shrouding critical issues, and the urgent challenges that await the Church’s leadership. Will art and tradition clash with the stark realities of fiscal responsibility?
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Vatican's Financial Paradox
- The Vatican is asset rich but cash poor, relying heavily on museum ticket sales and tourism for revenue.
- It funds embassies, the Swiss Guard, and building upkeep without tax income, creating financial fragility.
Vatican Pension Crisis
- The Vatican's pension fund is described as a "five alarm fire" facing about 2 billion euros in liabilities.
- Its budget deficit is around 80 million euros, three times larger than a decade ago.
Historic Revenue Loss
- The Vatican's historical wealth came from indulgences and taxing Italian lands until 1870.
- Losing the Papal States forced the Vatican to find new revenue sources after becoming a tiny city-state in 1929.