Vortices in stably stratified fluids generally have a pancake shape with a small vertical thickness compared with their horizontal size. In order to understand what mechanism determines their minimum thickness, the linear stability of an axisymmetric pancake vortex is investigated as a function of its aspect ratio everywhere. Finally, the growth rate and azimuthal wavenumber selection of the gravitational instability are accounted well by considering an unstably stratified viscous and diffusive layer in solid body rotation with a parabolic density gradient.