diff --git a/src/wallet/sqlite.h b/src/wallet/sqlite.h
--- a/src/wallet/sqlite.h
+++ b/src/wallet/sqlite.h
@@ -52,6 +52,8 @@
 
     const std::string m_file_path;
 
+    void Cleanup() noexcept;
+
 public:
     SQLiteDatabase() = delete;
 
diff --git a/src/wallet/sqlite.cpp b/src/wallet/sqlite.cpp
--- a/src/wallet/sqlite.cpp
+++ b/src/wallet/sqlite.cpp
@@ -5,6 +5,7 @@
 #include <wallet/sqlite.h>
 
 #include <logging.h>
+#include <sync.h>
 #include <util/strencodings.h>
 #include <util/translation.h>
 #include <wallet/db.h>
@@ -14,19 +15,72 @@
 
 static const char *const DATABASE_FILENAME = "wallet.dat";
 
+static Mutex g_sqlite_mutex;
+static int g_sqlite_count GUARDED_BY(g_sqlite_mutex) = 0;
+
+static void ErrorLogCallback(void *arg, int code, const char *msg) {
+    // From sqlite3_config() documentation for the SQLITE_CONFIG_LOG option:
+    // "The void pointer that is the second argument to SQLITE_CONFIG_LOG is
+    // passed through as the first parameter to the application-defined logger
+    // function whenever that function is invoked."
+    // Assert that this is the case:
+    assert(arg == nullptr);
+    LogPrintf("SQLite Error. Code: %d. Message: %s\n", code, msg);
+}
+
 SQLiteDatabase::SQLiteDatabase(const fs::path &dir_path,
                                const fs::path &file_path, bool mock)
     // FIXME: uncomment m_mock when backporting commit a0de833
     : WalletDatabase(), /* m_mock(mock), */ m_dir_path(dir_path.string()),
       m_file_path(file_path.string()) {
-    LogPrintf("Using SQLite Version %s\n", SQLiteDatabaseVersion());
-    LogPrintf("Using wallet %s\n", m_dir_path);
-
-    Open();
+    {
+        LOCK(g_sqlite_mutex);
+        LogPrintf("Using SQLite Version %s\n", SQLiteDatabaseVersion());
+        LogPrintf("Using wallet %s\n", m_dir_path);
+
+        if (++g_sqlite_count == 1) {
+            // Setup logging
+            int ret =
+                sqlite3_config(SQLITE_CONFIG_LOG, ErrorLogCallback, nullptr);
+            if (ret != SQLITE_OK) {
+                throw std::runtime_error(
+                    strprintf("SQLiteDatabase: Failed to setup error log: %s\n",
+                              sqlite3_errstr(ret)));
+            }
+        }
+        // This is a no-op if sqlite3 is already initialized
+        int ret = sqlite3_initialize();
+        if (ret != SQLITE_OK) {
+            throw std::runtime_error(
+                strprintf("SQLiteDatabase: Failed to initialize SQLite: %s\n",
+                          sqlite3_errstr(ret)));
+        }
+    }
+
+    try {
+        Open();
+    } catch (const std::runtime_error &) {
+        // If open fails, cleanup this object and rethrow the exception
+        Cleanup();
+        throw;
+    }
 }
 
 SQLiteDatabase::~SQLiteDatabase() {
+    Cleanup();
+}
+
+void SQLiteDatabase::Cleanup() noexcept {
     Close();
+
+    LOCK(g_sqlite_mutex);
+    if (--g_sqlite_count == 0) {
+        int ret = sqlite3_shutdown();
+        if (ret != SQLITE_OK) {
+            LogPrintf("SQLiteDatabase: Failed to shutdown SQLite: %s\n",
+                      sqlite3_errstr(ret));
+        }
+    }
 }
 
 void SQLiteDatabase::Open() {}