Businessweek and the LDS Church’s Finances
In 2012, Businessweek published a detailed report that significantly illuminated the vast financial holdings of The Church of Jesus Christ of Latter-day Saints (LDS Church), often referred to as the Mormon Church. The article, titled “How the Mormon Church Amassed a Fortune While Blessing the Poor,” sparked considerable public discussion and scrutiny regarding the Church’s wealth accumulation and its charitable activities.
The report estimated the Church’s assets to be in the tens of billions of dollars, stemming primarily from tithing, the practice of members donating ten percent of their income. This tithing revenue, along with investments and business ventures, has fueled the growth of a substantial financial empire. Businessweek highlighted the Church’s real estate holdings, including significant land ownership in Florida and other states, as well as its investments in stocks, bonds, and private equity.
A key finding of the report was the Church’s practice of accumulating funds for future use, rather than disbursing all of its resources immediately. This strategy, often defended as prudent financial management and preparation for future economic downturns or unforeseen needs, was also criticized by some as being overly conservative and potentially hoarding wealth while unmet needs existed both within and outside the Church membership.
The Businessweek article also addressed the Church’s welfare programs, noting their positive impact on members facing financial hardship. However, it raised questions about the scale of these charitable activities relative to the Church’s overall financial resources. While the Church emphasizes self-reliance and providing aid to its own members, the article prompted a debate about whether it could or should be doing more to address broader societal issues and global humanitarian needs.
Following the publication of the Businessweek report, the LDS Church responded by emphasizing its commitment to financial transparency and stewardship. While not disclosing specific financial details, Church leaders reiterated their dedication to using tithing funds wisely and in accordance with the teachings of Jesus Christ. They also highlighted the Church’s extensive humanitarian efforts around the world, including disaster relief, poverty alleviation, and educational initiatives.
The Businessweek article served as a catalyst for ongoing discussions about the role of religious organizations in managing wealth and the balance between financial responsibility and charitable giving. It continues to be a significant reference point for understanding the financial structure and practices of the LDS Church.
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