Overview

• The Vatican’s central administration does not tax residents or issue bonds and depends on donations, museum ticket sales and investment returns.
• Donations have plunged and real estate income has slid, worsening a structural funding gap at the Vatican.
• A roughly 1 billion euro shortfall in the Vatican’s pension fund adds further pressure on its finances.
• Leo’s background as a Chicago-born math major and canon lawyer is seen as an asset for instituting financial reforms.
• Church insiders say he plans to adapt US-style fundraising models and transparency measures to stabilize the Holy See’s long-term fiscal outlook.