Spain’s Catholic church counts its blessings and manages its financial assets

CHURCH WEALTH: Church in Spain generates €32.5 billion annually Photo credit: Pixabay/652234

A KPMG report on Spain’s Episcopal Conference revealed that the Church in this country generates an annual €32.5 billion.

Property accounts for most of the wealth, complemented by companies, universities, schools, hospitals and the financial assets of investment funds.

Banks like Santander and CaixaBank provide experts with a comprehensive knowledge of the Church’s finances while orders like the Jesuits, Augustinians and Marists usually manage assets via private bankers and fund managers.

One of these, Portocolom, recently revealed more than half of the €1 billion financial assets they advise on belongs to religious orders. “Some possess assets amounting to €2 million, but others have more than €50 million,” the source said.

 

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at [email protected]

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