In a custom observed by recent popes, the newly chosen Pope Leo XIV will not receive a standard salary as the Roman Catholic Church. As Fox News reports, instead, the Vatican will pay for his living expenses, such as housing, food, and transportation, via organized allowances and stipends.
A Church That Runs on Faith—and Finances
While commonly called the world’s smallest nation, the Vatican has a surprisingly sophisticated economy. Investopedia states that its income comes from a combination of donations, investment income, and income from tourism and religious activities. One of the greatest contributors to the system is Peter’s Pence (Obolo di San Pietro), a worldwide collection of donations on the part of Catholics. American Magazine has reported that this source raises about $27 million each year.
Even prior to being pope, Robert Prevost led a humble clerical existence. According to Merca20, his income as a cardinal varied between €4,000 and €5,000 monthly. Now, as Pope Leo XIV, his worldly needs will be entirely taken care of by the Vatican, as is the norm for his position.
Mounting Deficits and Financial Challenges
Even with the long-standing benevolence of believers, the Vatican also faces economic pressure. In 2023, the Holy See posted a deficit that was over $90 million, Fox News reported. Furthermore, Pope Francis himself previously warned about the worsening state of the Vatican’s pension fund, according to Vatican News.
However, the Vatican still supports the papacy through a scrupulously administered, though secretive, financial machine. Though up-to-date information is limited, the CIA World Factbook had previously estimated in 2013 that Vatican revenues were $315 million against expenses of $348 million.
Faith Over Fortune
This long-standing tradition of popes working without a salary demonstrates the Catholic Church’s commitment to spiritual obligation over monetary gain. Nevertheless, with increasing expenses and declining donations, the Church must address the urgent challenge of balancing faith, transparency, and financial prudence.
