Vatican City: The Administration of the Patrimony of the Apostolic See (APSA), responsible for managing the Holy See’s financial and real estate assets, has reported a significant increase in profits and contributions to the Roman Curia, according to its newly published 2024 financial statement. The document reveals a remarkable surplus of €62.2 million more than €16 million higher than the previous year and a record contribution of €46.1 million towards covering the Vatican’s financial obligations.
Archbishop Giordano Piccinotti, President of APSA, described the 2024 report as “one of the most successful in recent years,” crediting it to strategic asset management and ethical, transparent administration. The report emphasizes APSA’s evolving role from being a passive manager of assets to becoming a proactive force supporting the Church’s global mission.
Of the total contributions, €30 million came as a fixed sum, while the remaining €16.087 million originated from APSA’s surplus profits. These funds are directed toward meeting the financial needs of the Holy See including salaries and essential services which totaled €170.4 million in 2024.
Piccinotti highlighted the strategic shift in property management as a key factor in this financial turnaround. “We are not only maintaining assets but optimizing them through market-aligned leasing and structural improvements,” he stated. Unlike in the past, the organization is now maximizing returns from real estate without selling Church property or cutting costs indiscriminately.
The 2024 financial report, spanning 34 pages, outlines reforms in both movable and immovable asset management. APSA followed directives from the Holy See’s Investment Committee by transitioning funds into Separated Managed Accounts (SMAs) special investment instruments owned by the Vatican. This strategic shift allowed the organization to time investments wisely, leading to a management return of 8.51%. APSA sold high and reinvested low, generating an additional €10 million over the previous year.
While asset management soared, the revenue from real estate remained largely stable at €35.1 million. Despite rising maintenance costs, increased rental income from Italian properties and associated firms balanced the overall outcome. APSA manages 4,234 real estate units in Italy, of which 2,866 are directly owned. In 2024, €6 million was paid in IMU (property tax) and €3.19 million in IRES (corporate income tax), reflecting the Vatican’s accountability and tax transparency.
The Vatican also debunked rumors of outsourcing asset management to Tecnocasa, an Italian real estate company. “APSA retains full control,” said Piccinotti. “Tecnocasa merely helps facilitate apartment viewings and client communication.”
The report underlines that around 40% of APSA’s staff are engaged in services benefitting other Vatican institutions, not just APSA. This includes maintaining diplomatic missions and managing financial operations for various Church departments. “This is part of our mission to work for others,” the archbishop affirmed.
The 2024 report also highlights long-term sustainability efforts, most notably the “Fratello Sole” agri-voltaic project in Santa Maria di Galeria. Visited by Pope Leo XIV in June, this project integrates agriculture and solar energy to promote renewable energy models. According to Piccinotti, such initiatives are part of APSA’s broader commitment to environmental stewardship and financial resilience.
As 2025 approaches, the Vatican’s central financial body looks set to build on this momentum. “We’re not at the finish line,” Piccinotti said. “But we’ve proven that ethical, professional, and visionary financial management can serve the Church, its people, and its mission more effectively than ever before.”