Vatican subsidies pope's modest lifestyle amid financial strain
The Pope does not receive a regular salary like other employees or officials. Instead, the Vatican covers his needs, including accommodation, meals, transportation, and other expenses in the form of stipends and allowances.
Since taking office in 2013, Pope Francis has declined to receive a salary. The Vatican has provided for his housing, meals, and other needs through stipends and allowances. According to The Economic Times, the Pope's wealth was then around $16 million (22 million CAD), including various assets related to his position.
Vatican finances
The Vatican is primarily financed through donations, investments, and business activities. The income comes, among other sources, from the so-called Peter's Pence—annual donations from the faithful worldwide, reaching about $27 million (37.5 million CAD). The largest contributors are the United States, Germany, and Italy, notes American Magazine.
Despite these sources of income, the Vatican's financial situation is challenging. The operational deficit in 2023 exceeded approximately $90 million (125 million CAD), and the Pope warned that the Holy See's pension fund may soon become insolvent, reports Vatican News.
The governing body of the Vatican—the Holy See—does not publish detailed financial data. According to the CIA World Factbook, in 2013, revenues amounted to around $315 million (437 million CAD), while expenses were approximately $348 million (483 million CAD).
Fox News attempted to contact the Vatican and the United States Conference of Catholic Bishops about the Pope's remuneration but received no response.
Who will be the new Pope?
After Pope Francis's passing, the faithful around the world are awaiting the selection of his successor. Experts and bookmakers are predicting their favourites to take the papal throne. As noted in WP Finance, a frequently mentioned potential successor to Francis is the 70-year-old Italian Cardinal Pietro Parolin, the current Secretary of State of the Holy See.
Bookmakers are noting an increase in bets in his favour, which may suggest that he is being seriously considered as a successor.
