Mormon Church wealth


#1

Monday, July 28, 1997

THE ASSOCIATED PRESS

The Mormon Church is the most prosperous of American religions and is preparing to focus that considerable wealth on an unprecedented campaign of international expansion, according to a cover story in Time magazine on newsstands this week.

Time correspondents claimed “unusual cooperation” from the hierarchy of The Church of Jesus Christ of Latter-day Saints in researching the article, which gives what may be the most accurate financial snapshot of the church to date: a minimum of $30 billion in assets and annual gross income of $6 billion – more than Utah’s state budget this year.

According to the article entitled “Mormons Inc.: The Secret of America’s Most Prosperous Religion,” the church last year brought in $5.2 billion in tithings alone from its roughly 10 million members, who are asked to give 10 percent of their income.

If the Mormon Church were a corporation, that yearly revenue would place it midway through the Fortune 500, a little below Union Carbide and the Paine Webber Group, but bigger than Nike and the Gap.

"And as long as corporate rankings are being bandied about, the church would make any list of the most admired: for straight dealing, company spirit, contributions to charity (even the non-Mormon kind) and a fiscal probity among its powerful leaders that would satisfy any shareholder group, if there were one,’’ the magazine said.

All of this, according to the magazine, is in preparation for a major expansion outside of North America. Church membership this year reached a watershed in that there are more Mormons living abroad than in the United States for the first time ever. The church is positioning itself to push that expansion to the next level which, according to one author cited in the story, could create a membership of 260 million in 83 years.

“The Mormons could well emerge as the next great global tribe,” author Joel Kotkin told Time.

The church, the seventh largest in the United States, is growing at a rate of 4.7 percent domestically and nearly double that abroad.

To accommodate that growth, the uniquely American Mormon Church is ready to spend billions of dollars overseas to erect 350 meeting houses and add 15 more temples to its existing 50, the magazine said.

The story details just a few of the church’s expansive holdings, including the world’s largest beef ranch – the 312,000-acre Deseret Cattle and Citrus Ranch outside Orlando, Fla. The ranch’s land alone is worth $858 million.

The church also owns America’s largest producer of nuts, as well as Bonneville International Corp., the country’s 14th largest radio chain, and the Beneficial Life Insurance Co., with assets of $1.6 billion.

Time lists the church’s assets as $12 billion in U.S. meeting houses and temples; $5 billion in meeting houses and temples in foreign countries; $6 billion in unspecified investments; $5 billion in ranch and farm real estate and $1 billion in “schools, etc.”

Of its annual income of $5.9 billion, the vast majority – $5.3 billion – comes from tithing. Of that, $4.9 billion comes from church members living in the United States.

“There is no major church in the U.S. as active as the Latter-day Saints in economic life, nor, per capita, as successful at it,” the story said.

The magazine said the church is also downplaying its differences with other Christian faiths. The Time writers, in turn, emphasized the church’s social aspect – its missionary program, its successful welfare system and a binding common purpose – as the probable reason for its ecclesiastical and financial success.


#2

[quote=cestusdei]Monday, July 28, 1997

THE ASSOCIATED PRESS

The magazine said the church is also downplaying its differences with other Christian faiths. The Time writers, in turn, emphasized the church’s social aspect – its missionary program, its successful welfare system and a binding common purpose – as the probable reason for its ecclesiastical and financial success.
[/quote]

I would say the real reason for their financial success is that they require 10% of their members gross yearly income for a tithe. Every year their members have to have a tithing settlement with their local bishop. If they do not pay their full 10% then the members can not recieve a recomend to go to their temples. If they can’t go to their temples then they can’t get into Varsity heaven and become gods in the afterlife. Can you imagine Christ or the Catholic church extorting their followers to enter into heaven?


#3

i don’t doubt their wealth. they seem to have a temple every prominent street these days. what i do question is their growth rate and numbers. many people in third world countries may become mormon because they hope to benefit financially. they are a rich american church. but, many converts leave the faith as a result yet they don’t take this into consideration.

if you go to the temple area these days in salt lake city, you will see most of the young girls are international. when i was there back in 96’, most where white. and unfortunatley, most of the converts are from catholic third world countries.


#4

[quote=ex-mormon]I would say the real reason for their financial success is that they require 10% of their members gross yearly income for a tithe. Every year their members have to have a tithing settlement with their local bishop. If they do not pay their full 10% then the members can not recieve a recomend to go to their temples. If they can’t go to their temples then they can’t get into Varsity heaven and become gods in the afterlife. Can you imagine Christ or the Catholic church extorting their followers to enter into heaven?
[/quote]

I have heard, and maybe some of our LDS posters can answer this, that 10% is the minimum requirement. That the church actually requires more than 10% from its wealthier members.


#5

First of all dont get worked up about that article. Its unrelyable data, its written to sell subscriptions and start hype, not to teach.

I actually think were in a time were cults like this will be losing membership due to people opening their eyes especially in debating in places like this. Its a flat out American invention, its designed around a capitalist mindset. So in turn it has zero concept of true Christianity and the Gospel. If you look on their page they dont have any “churches” in the middle east and other hot spots, you know why? Because the real world can smell these guys a mile away and wont put up with them, but at the same time I agree with exMorm who said that they bait people with hopes of America and money. It has no history, lots of folklore, rewritten passages, false prophecy, etc.
It only really works here to people born into it, dont worry.


#6

[quote=tkdnick]I have heard, and maybe some of our LDS posters can answer this, that 10% is the minimum requirement. That the church actually requires more than 10% from its wealthier members.
[/quote]

The 10% figure applies no matter what the income level for donations classed as tithing. There are other types of offerings that can be voluntarily made and would not surprise me if wealthy members chose to be generous in those areas of contribution.

later,
fool
.


#7

[quote=mormon fool]The 10% figure applies no matter what the income level for donations classed as tithing. There are other types of offerings that can be voluntarily made and would not surprise me if wealthy members chose to be generous in those areas of contribution.
[/quote]

Thanks for the clarification.


#8

The Mormons are not the only protestant sect that requires titheing. As a Baptist we were required to tithe too - even though Jesus dictated almsgiving. Mormons are just lucky to be better organized then the Baptists perhaps since Baptists normally keep thier cash with the preacher and not the denomination as a whole. Just imagine if the Baptists had a denomination that collected money from all the lower groups, they’d be rich too.


#9

[quote=Malachi4U]The Mormons are not the only protestant sect that requires titheing. As a Baptist we were required to tithe too - even though Jesus dictated almsgiving. Mormons are just lucky to be better organized then the Baptists perhaps since Baptists normally keep thier cash with the preacher and not the denomination as a whole. Just imagine if the Baptists had a denomination that collected money from all the lower groups, they’d be rich too.
[/quote]

The question is not if the Baptist churches are wealthy. The question is if the mormon church is wealthier than the catholic church per capita because of the manditory 10% tithe to get into their temples and complete their endowments so they can get into the highest kingdom of heaven? Is this what Christ had in mind to get to heaven?


#10

The wealth of the LDS Church is not an end unto itself. It is seen as a necessary part of the greater missionary effort that LDS leaders have always encouraged. The LDS Church believes it has a mandate from God to preach the gospel to every nation, kindred, tongue and people. This can happen much easier and faster with money than without. There are no Benny Hinn types in the LDS Church hierarchy. I believe they are well meaning, sincere individuals who only want to do what they perceive to be God’s will. I believe their religion is false, but their motives and desire to serve God are certainly not false. Because of those motives and desires, we have much more in common with them than we do with the secular world at large.


#11

I believe their religion is false, but their motives and desire to serve God are certainly not false. Because of those motives and desires, we have much more in common with them than we do with the secular world at large.

so are the motives of bin laden. there motives are to get rich while they spread there lies. bad doctrine equals bad conduct.


#12

Got that right. :rolleyes:


#13

[quote=RomanRiteTeen]Got that right. :rolleyes:
[/quote]

I get the feeling you’re not talking about peanuts or almonds…:smiley:


#14

[quote=oat soda]so are the motives of bin laden. there motives are to get rich while they spread there lies. bad doctrine equals bad conduct.
[/quote]

If bad conduct is the result of bad doctrine then the Catholic Church, with it’s past problems of sexually abusive priests, must have really bad doctrine. “Judge not lest ye be judged” comes to mind.

Oh, and “there” means: A location other than here; that place.

While “their” means: Of them or themselves; Or, his or her, as in “someone hit their head”

They’re not interchangeable :wink:


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