To be clear this measure of wealth is based mostly on real estate and artwork, correct?

The Vatican itself runs a deficit every year and the budget is relatively small - https://en.wikipedia.org/wiki/Economy_of_Vatican_City - as the article notes, it is plugged with donations from Catholics across the world via Peter’s pence.

As a catholic I’d rather not have my church sell off all our priceless artworks and churches to private collectors and landlords...