Going Chapel: Choosing the Next Pope
Wealthiest Individual in the Vatican City?
Here we are, with a brand-new pope on the horizon for over a billion Catholics around the globe. As of today, the cardinals huddled in the iconic Sistine Chapel are busy electing their spiritual leader, after an exhausting round of voting and a night of self-imposed isolation.
Over a hundred cardinal heavy-hitters are knee-deep in the process, locked away from the rest of the world since Wednesday evening. These cathedral titans must continue their intense searching for the one who will guide 1.4 billion faithful Catholics into the future.
If you ever wondered whether the pope banked a monthly paycheck, you're not alone. It's a natural question when considering such a high-profile role. So, let's break it down.
Blessed be, no paycheck
So, does the big guy earn some dough? Our research here shows that, officially, Pope Francis did not pocket a paycheck during his tenure. The lengthy tradition of not receiving a regular income stretches all the way back to 2001, a fact made clear by none other than the Vatican's then-spokesperson Joaquín Navarro-Valls[5].
While Francis might not have had a paycheck to show for it, he certainly wasn't pinching pennies to get by. The Vatican covered all his living expenses, from splendid digs [6][7] to sumptuous feasts[8], medical care, travel, and security bills.
Though he didn't live it up in the lavish Apostolic Palace, the Pontiff chose instead to reside in the more modestly-appointed Domus Sanctae Marthae. Being a man of the people, the pope opted for a simpler lifestyle, preferring practical vehicles over luxury cruisers and eschewing flashy threads for simpler attire[9].
Paid by the people, for the people
Though financially, Francis didn't have a salary, his clout was considerably hefty. As head of state for Vatican City and the Holy See, he wielded significant economic and political influence[10]. The Vatican's Secretariat of State, congregations, and financial bodies gave him ample room to maneuver in both economic and political circles.
The Vatican Bank Grind
Boasting billions in assets, investments, and real estate properties, the Vatican's financial strength was no secret[11]. However, like many financial entities, the Vatican has faced its fair share of financial hurdles. In 2021, Pope Francis implemented salary cuts for cardinals and higher-ups, asking them to relinquish 10% of their income[12].
Alas, even with a 45.9 million euros profit in 2023, the Administration of the Patrimony of the Apostolic See (APSA) couldn't entirely close the budget gap [13]. The deficit, triggered partly by losses from tourism due to the COVID-19 pandemic, was a harsh reality felt across the board.
In essence, although the pope doesn't earn a traditional salary, the Vatican's wealth management strategy is all about churning out a diverse portfolio of revenue sources to keep its operations running smoothly.
In 2024, the new pope selected by the cardinals will not be earning a conventional salary, following the longstanding tradition started by Pope Francis in 2001. Despite not having a direct income, the pope holds significant influence as both the head of state for Vatican City and the Holy See, and has the ability to manage the Vatican's extensive financial resources, which include billions in assets and investments. The Vatican's wealth management strategies involve generating a diverse portfolio of income sources for the continued operation of the institution.