In my previous post, we learned that the Catholic Church (as a whole) has no wealth because each local churches are independently run and the Vatican does not get a share of the local churches’ goods. We also learned that the Vatican (the country) has $15B worth of wealth. Is this amount enough to end the world poverty? Let’s see first how many people are below the poverty index!
Check this post first:
How many people are living in poverty?
The World Bank tells us that there are about 10% of the world population who are living in extreme poverty. They earn less than $1.90 a day. Ten percent of seven billion (world population) is around 700,000,000.
Is $15 billion enough for the 700 million?
If Vatican had $15,000,000,000.00 ($15 billion) and gave all this amount to 700,000,000 people in extreme poverty, each poor person would have $21.43. Maybe this amount someone for days or maybe weeks! What is certain is that when the money is gone, the 700M poor will return to their previous state. So the answer is a big NO. The Vatican’s wealth is not enough to end world poverty.
How much donation is needed to support the poor?
The Oxford Committee for Famine Relief (OXFAM) revealed in 2013 that $60,000,000,000 ($60 billion) annually would be enough to end global poverty. Perhaps this is an estimate of how much is needed to support the poor in terms of food, shelter, medicine, etc.
I’m no expert in demography, economics, or humanity. However, it is clear that using all the money a country, or a person, or an organization will not resolve global poverty in a long term. I believe there has to have some kind of an organized system, approved by all countries, to provide decent and consistent income to those those who are earning below the poverty line so that each will have enough. Then, poverty will gradually be eradicated.