The American magazine Fortune, which specializes in economic affairs, debunked the myth of the Vatican’s “great riches,” asserting that if the Holy See were a corporation, it would not even come close to the 500 wealthiest companies on its famous Fortune 500 list.

In its article titled “This pope means business,” Fortune indicated that “people often assume the Vatican holds vast wealth, but if it were a company, its income would not be enough to place it among the Fortune 500.”

This year the Fortune 500 list is headed by the multinational Wal-Mart, which recorded 476,294 million dollars in revenue, with the technology giant Apple in 5th place, with 179,919 in revenue.

The last spot on the list went to the company United Rentals, which reported revenue of 4,955 million dollars.

Fortune pointed out that the Vatican’s operating budget is barely 700 million dollars, and that “in 2013 a small overall surplus of 11.5 million dollars was recorded.”

The American magazine further noted that most of the Vatican’s most valuable assets “some of the world’s greatest art treasures, are practically priceless and not for sale.”

“The Catholic Church is highly decentralized financially. In terms of money, the Vatican is basically on its own. That is a major reason why its finances are far more fragile and its economic situation far more modest than its image of lavish wealth.”

The Vatican, the business magazine noted, has no access to the money of either the dioceses or the religious orders.

It explained that “each diocese,” in economic terms, “is a separate corporation with its own investments and budgets, including the metropolitan archdioceses.”

Fortune noted that dioceses around the world “send significant amounts of money to the Vatican every year, but most of it is earmarked for missionary work or the Pope’s charitable donations.”

The Vatican, it noted, “pays relatively low salaries but offers generous health and retirement benefits.”

“The Cardinals and Bishops in the congregations and councils often receive as little as 46,000 dollars a year.”

“The rank and file, including nuns and priests, are also paid below-market wages,” the magazine wrote, though it stressed that “Vatican employees do not pay income taxes.”

“The Vatican’s lay employees hold jobs for life, and virtually no one leaves before retirement age,” it noted.

LIMA, Sep. 13, 14 / 05:26 pm.

Source: ACI/EWTN News.