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Vatican City State. With a whopping 4 CFA Charterholders (source Bloomberg), the Vatican has 0.004 per capita (4 of 882) versus 0.002 for the next largest, Cayman. Remarkably, all CFA Charterholders in this country work for the same firm: Istituto per le Opere di Religione ("IOR"). Founded in 1887, IOR came long after the Medicis. And has its own SWiFT code. Half (3 of 6, source Bloomberg) of the IOR portfolio managers are CFA Charterholders as is the Lehman and Solly alum Chief Investment Officer Giovanni Boscia, CFA. The Vatican also aces two other finance metrics. 12% of the total population work in finance (107 of 882). Surpassing Luxembourg's 10%. And the Vatican also has the most Bloomberg terminals per capita of any country with 17 for 882 people = 0.019. More than 4x as many as Luxembourg (0.004). Most people I have put this riddle to over the years are surprised that the Vatican has any Bloombergs or CFA Charterholders at all.

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