Thousands of cardinals around the world, their accommodation, their various costs on the site, not to mention the various ceremonies. The conclave that officially opened on Wednesday, May 7 represents an important international event. If the Italian authorities support the logistics safety component, within the framework of the lateral agreements signed in 1929, most of the concolave budget is the responsibility of the Vatican (see table below). However, the finance of the Holy See are not at best.
Vatican accounts in red
We do not know the exact figure of the budget or its detail, since the Holy See does not publish its accounts, but according to the estimates, the micro-state shows a structural deficit of 70 to 90 million euros during a total budget of one billion euros. The 2025 budget had even been found at the end of last year by the Cardinals Commission before finally being adopted in March after being corrected.
However, designing a budget for the Vatican is a balance exercise, because it is not a state like others. The Vatican does not collect taxes and their fiscal capacities are limited since citizens are only temporarily awarded to people who work for the Holy See. The main resources come from their real estate assets and especially donations.
Decrendy donations, poorly managed real estate assets
However, these gifts of the faithful are decreasing. They went from 100 million euros in 2006 to less than 50 million in 2023.
Micro-Estatal museums are also classified among the main taxpayers to their budget with 100 million euros generated. However, these have remained closed for more than a year due to COVID.
The management of real estate assets of the Holy See, another essential source of income, is not optimal, while the Vatican has almost 5,000 properties in the world (religious buildings, but also offices, buildings and apartments). For example, in Rome, only 15% of buildings belonging to the Vatican are rented to the market price. The deficit is colossal.
And then, the Vatican is not saved by the problem of financing the pensions of its 5,000 employees. The pension fund deficit would be between 350 million and one billion euros
Structural reforms
To remedy what seems like a perforated basket, the reforms have begun to commit to clean the finances. Among them, three consecutive reductions in the salary of the cardinals, which now amount to around 4,500 euros per month. Two years ago, the Pope even asked them to pay the rent.
To clean finance, François had also created a secretariat for the economy to better control the budget and supervise investments. Anti -Corruption in line measures have also been taken with international standards.
Another great project: the Vatican Bank. 5,000 suspicious accounts linked to scams, tax escapes or other embezzlement of funds have been closed. From now on, only people and institutions directly linked to the Church can open an account there. This restart seems to be fruitful. In 2023, the Vatican Bank presented a net gain of more than 30 million euros.
Finally, the Holy See is sold every year for 20 to 25 million euros in wealth to cover in particular the operating costs of the curia. But it is far from being enough to fill the deficit.
How much does the organization of the conclave cost?
Like the details of the Vatican budget, it is difficult to know the cost of organizing the conclave. Before its opening this Wednesday, as the AFP recalls, the spokesman for the Holy See Matteo Bruni had only remembered that there will be no advertising “sponsor”.
During the last conclave, which had led to François’s election in 2013, the additional cost of security and the strengthening of public transport had been evaluated by the City Council of Rome of 4.5 million euros. That same year, the Holy See had reported a deficit of 24 million euros, specifies the AFP.
Source: BFM TV
