The newly appointed Pope Leo stands to earn a substantial amount as the leader of the Roman Catholic Church.
On Thursday, May 8, the Vatican introduced Cardinal Robert Francis Prevost from Chicago as the successor to Pope Francis. Millions around the globe watched and celebrated the announcement.
Pope Leo XIV, as he will be known, is 69 years old, a relatively young age for a pontiff. He also marks a historic moment, being the first American among the 266 popes before him.
John Prevost, his older brother, mentioned that Pope Leo is likely to follow in the footsteps of the modest Pope Francis, as both shared a dedication to assisting those in need.
The former 88-year-old pope was noted for his simplicity and forward-thinking, especially in matters concerning climate change, conflict, and LGBTQ+ rights, while advocating for church reform.
As a member of the Jesuit order, Francis committed to vows of poverty, chastity, and obedience. He emulated St. Francis of Assisi, who was known for leading a simple life.
Rather than enjoying a luxurious lifestyle, Francis chose to focus on his religious responsibilities. He declined the $32,000 annual salary typical for the position, which could have amassed to millions over his papacy. Instead, he resided in a modest room at Domus Sanctae Marthae, a church guest house, eschewing the opulent Apostolic Palace traditionally occupied by popes.
Nonetheless, Pope Francis wasn’t without means, with his assets, transport, living arrangements, and charitable funds amounting to millions during his time as pope.
Pope Leo, an Augustinian friar who spent significant time as a missionary in Peru, has not yet determined his lifestyle approach. However, many, including his brother, anticipate he will closely follow Francis’s example.
The international charity Cafod described Pope Leo as “a voice of wisdom in a fractured and divided world,” highlighting his work in Peru as crucial in bringing perspectives from the global south into the forefront of his papacy, emphasizing voices from marginalized communities.
It was no surprise when Pope Leo addressed the crowd at St Peter’s Square with “Peace be with you,” though he did opt for the traditional red cape, which Pope Francis chose not to wear during his initial appearance in 2013.
While Pope Leo receives some financial compensation, it doesn’t come in the form of a typical salary. He is entitled to a monthly sum of €2,500 (around $2,820), a reduction compared to his previous earnings of €4,000 to €5,000 (approximately $5,600) per month as a cardinal.
However, financial concerns are minimal as the Vatican covers all his necessities, including housing, food, transport, and healthcare. Similar to Francis, he will also have access to a substantial fund for charitable contributions.
The Vatican, recognized as the ‘world’s smallest country,’ finances its operations through donations, investments, and other income sources. The United States is its largest donor, notably through contributions to Peter’s Pence.