Mormon Church's Total Wealth Reaches $ 100 Billion

According to the American The Wall Street Journal, the total assets of the investment fund belonging to Mormon Church, which has about 16 million members worldwide and collects 10 percent of the annual earnings of its members, has reached 100 billion dollars (approximately 600 billion TL). The size of the fund has increased 150 percent in the last 7 years compared to the $ 40 billion levels in 2012. AMONG THE WORLD GIANTS The newspaper, which was established in the 1960s and published a comprehensive report on the fund, which was named Ensign Peak Advisors in 1997, met with the former employees and current management of the fund. As the fund grows as the rules of confidentiality increase, employees have been signed to not talk about the lifetime fund. The fund of Mormon Church, which has reached a size equal to the total assets of SoftBank Vision Fund, one of the largest technology investment funds in the world, was among the world's numbered funds. PARTNER TO APPLE AND AMAZON About 70 percent of the fund is held in liquid assets (Cash money, bank deposits, checks, bonds, stocks). $ 40 billion of the $ 100 billion consists of stocks traded on the US stock exchanges. Neuburgh Advisors LLC, one of the front companies established by the Fund for privacy, holds approximately $ 175 million Apple and $ 70 million Amazon shares. The fund also has investments in large funds such as forests and Bridgewater in Florida. TAX AND TRANSPARENCY DISCUSSED According to the laws in the USA, churches do not have to explain their income and expenses, and they have tax exemptions. Some of the fund's former employees and some tax experts find it unethical and legally inappropriate for the fund to be transparent and tax-free. The fund, which receives an average percentage return every year and exceeds the amount from donations, is unknown. Because, after deducting church expenses from donations, the remaining amount is transferred to the fund. What is used or will be used for the money transferred to the Fund is one of the topics that have been getting more and more aggravated in recent years. The fund, which has only three employees when it was founded, currently employs about 70 people in its office in Utah Salt Lake, which is considered sacred by the Mormons.