Clowes: ‘The Mormon Church Amassed $100 Billion. It Was the Best-Kept Secret in the Investment World. ‘
[Ensign Peak’s (The Mormon Church’s investment division)] assets did total roughly $80 billion to $100 billion as of last year, some of the former employees said. That is at least double the size of Harvard University’s endowment and as large as the size of SoftBank’s Vision Fund, the world’s largest tech-investment fund.
[…] Church officials acknowledged the size of the fund is a tightly held secret, which they said was because Ensign Peak depends on donations—known as tithing—from the church’s 16 million world-wide members.
[…] “We don’t know when the next 2008 is going to take place,”… “If something like that were to happen again, we won’t have to stop missionary work.”
During the last financial crisis, they didn’t touch the reserves Ensign Peak had amassed, church officials said. Instead, the church cut the budget.
[…] Whereas university endowments generally subsidize operating costs with investment income, Ensign Peak does the opposite. Annual donations from the church’s members more than covers the church’s budget. The surplus goes to Ensign Peak. Members of the religion must give 10% of their income each year to remain in good standing.
Dean Davies, another member of the ecclesiastical arm that oversees Ensign Peak, said the church doesn’t publicly share its assets because “these funds are sacred” and “we don’t flaunt them for public review and critique.”
Imagine being a Mormon. You’re not allowed to even drink coffee, and you’re required to give 10% of your income to the church. And then you find out your religion has an investment fund worth $100 billion. Although Mormonism has always been a joke of religion, so perhaps it’s fitting.