Vatican finances under strain: Future of papal wealth and next pope
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 through stipends and allowances.
Since taking office in 2013, Pope Francis has chosen not to receive a salary. The Vatican provides for his housing, meals, and other needs through stipends and allowances. According to "The Economic Times," the Pope's wealth was estimated to be around $16 million (€14 million), including various assets related to his position.
Vatican finances
The Vatican is primarily financed through donations, investments, and business activities. The income comes from sources such as Peter's Pence – annual donations from the faithful worldwide, amounting to approximately $27 million (€24 million). The largest contributors are the United States, Germany, and Italy, as noted by "American Magazine."
Despite these sources of income, the Vatican's financial situation remains challenging. The operational deficit in 2023 exceeded $90 million (€80 million), and the Pope has warned that the Holy See's pension fund may soon become insolvent, as reported by "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 approximately $315 million (€280 million), while expenses were about $348 million (€308 million).
"Fox News" attempted to contact the Vatican and the United States Conference of Catholic Bishops regarding the Pope's remuneration but received no response.
Who will be the new pope?
Following Pope Francis's passing, the faithful worldwide are awaiting the selection of his successor, with both experts and bookmakers predicting their favourites for the papal throne. As mentioned in WP Finance, a frequently cited potential successor to Francis is the 70-year-old Italian Cardinal Pietro Parolin, the current Secretary of State of the Holy See.
Bookmakers have reported an increase in bets in his favour, which may suggest he is being seriously considered as a successor.
