Latest news with #Peter'sPence
India.com
14-05-2025
- Business
- India.com
Does a Pope get paid and how does the Vatican make money? Know Pope Leo XIV's net worth and lifestyle
Does a Pope get paid and how does the Vatican make money? Know Pope Leo XIV's net worth and lifestyle Robert Francis Prevost has just been handed one of the most significant roles in the world and it comes with a major upgrade in responsibility! After being chosen by 133 cardinals during the sacred conclave at the Vatican, he appeared before a sea of people from the balcony of St. Peter's Basilica. Now officially Pope Leo, this new title marks a remarkable step up in his spiritual journey. But here's a question that naturally comes up: with a promotion this huge, does the Pope get a raise like people do in regular jobs? Let's break it down. Does the Pope earn a salary? Surprisingly, no Popes don't receive a paycheck in the usual sense. Instead, everything they need is fully provided by the Vatican. That includes their living quarters, meals, travel arrangements, clothing, and any other essentials. Think of it more as a full support system rather than a wage. Before becoming Pope Leo, during his time as a cardinal, Prevost was believed to have earned a monthly stipend of around 4,000 to 5,000 Pound. But now, with his new role, money isn't really part of the picture his life is fully taken care of by the Church. How does the Vatican make money? Though it's often seen as a spiritual center, the Vatican operates much like a small, independent nation which it technically is. As the world's tiniest country, it keeps its financial engine running through a mix of donations, investments, and various income-generating ventures. One of the biggest sources of funds is Peter's Pence, a special collection taken up in Catholic churches worldwide each year. This goes toward supporting the Pope's charitable missions and the functioning of the Roman Curia (the Church's central administration). Reports suggest that Peter's Pence alone brings in around USD 27 million annually, with the United States contributing the most. Other major contributors include countries like Italy, Brazil, and Germany. Who is Pope Leo XIV? The newly chosen Pope Leo XIV is not only the latest spiritual leader of over a billion Catholics worldwide he also marks history as the first American-born Pope. Born in Chicago, the 69-year-old has spent much of his life working globally, especially in Latin America as a missionary and later a bishop. Holding citizenship in both the United States and Peru, he most recently oversaw one of the Vatican's key departments responsible for bishop appointments. Net worth of Pope Leo XIV? Pope Leo XIV's personal net worth hasn't been made public yet and likely never will be in detail. That said, Popes generally don't hold personal wealth in the way celebrities or business figures do. Instead, their needs are fully met by the Church. They live without personal income but are provided with everything from housing to healthcare. For comparison, it's believed that Pope Francis, the predecessor of Pope Leo XIV, had a net worth of around USD 16 million, according to Marca. Interestingly, despite being entitled to an annual salary of roughly USD 32,000, he often gave it away either to family members or charitable causes opting to live humbly.
India.com
14-05-2025
- Business
- India.com
Does a Pope gets paid and how does the Vatican make money? Know Pope Leo XIV's net worth and lifestyle
Does a Pope gets paid and how does the Vatican make money? Know Pope Leo XIV's net worth and lifestyle Robert Francis Prevost has just been handed one of the most significant roles in the world and it comes with a major upgrade in responsibility! After being chosen by 133 cardinals during the sacred conclave at the Vatican, he appeared before a sea of people from the balcony of St. Peter's Basilica. Now officially Pope Leo, this new title marks a remarkable step up in his spiritual journey. But here's a question that naturally comes up: with a promotion this huge, does the Pope get a raise like people do in regular jobs? Let's break it down. Does the Pope earn a salary? Surprisingly, no Popes don't receive a paycheck in the usual sense. Instead, everything they need is fully provided by the Vatican. That includes their living quarters, meals, travel arrangements, clothing, and any other essentials. Think of it more as a full support system rather than a wage. Before becoming Pope Leo, during his time as a cardinal, Prevost was believed to have earned a monthly stipend of around 4,000 to 5,000 Pound. But now, with his new role, money isn't really part of the picture his life is fully taken care of by the Church. How does the Vatican make money? Though it's often seen as a spiritual center, the Vatican operates much like a small, independent nation which it technically is. As the world's tiniest country, it keeps its financial engine running through a mix of donations, investments, and various income-generating ventures. One of the biggest sources of funds is Peter's Pence, a special collection taken up in Catholic churches worldwide each year. This goes toward supporting the Pope's charitable missions and the functioning of the Roman Curia (the Church's central administration). Reports suggest that Peter's Pence alone brings in around USD 27 million annually, with the United States contributing the most. Other major contributors include countries like Italy, Brazil, and Germany. Who is Pope Leo XIV? The newly chosen Pope Leo XIV is not only the latest spiritual leader of over a billion Catholics worldwide he also marks history as the first American-born Pope. Born in Chicago, the 69-year-old has spent much of his life working globally, especially in Latin America as a missionary and later a bishop. Holding citizenship in both the United States and Peru, he most recently oversaw one of the Vatican's key departments responsible for bishop appointments. Net worth of Pope Leo XIV? Pope Leo XIV's personal net worth hasn't been made public yet and likely never will be in detail. That said, Popes generally don't hold personal wealth in the way celebrities or business figures do. Instead, their needs are fully met by the Church. They live without personal income but are provided with everything from housing to healthcare. For comparison, it's believed that Pope Francis, the predecessor of Pope Leo XIV, had a net worth of around USD 16 million, according to Marca. Interestingly, despite being entitled to an annual salary of roughly USD 32,000, he often gave it away either to family members or charitable causes opting to live humbly.
Miami Herald
09-05-2025
- Business
- Miami Herald
Pope Leo XIV Faces Financial Headache as New Catholic Church Leader
Pope Leo XIV, the first person from the United States to lead the Catholic Church, is taking on a financial headache in his new position. White smoke billowed from the Vatican at about 6 p.m. on Thursday as the papal conclave made its decision about who should become the leader of the Catholic Church. They elected Cardinal Robert Prevost of Chicago as the new pope. He instantly became perhaps the most recognizable and influential living religious figure alive, holding considerable sway over the world's 1.4 billion Catholics. Despite the vast reach and influence of the church, the Vatican has faced financial challenges in recent years. The task will now fall to Leo XIV, whose leadership at the Vatican began immediately after his election to succeed Pope Francis, who died on April 21. Francis in February established a new commission to promote donations to the Catholic Church, which has been in a budget deficit in recent years. In 2023, the Church was operating with a $90 million deficit, reported Crux, an online news organization. It is hard to know the full extent of the deficit challenges because of its privacy, Michele Dillon, dean of the University of New Hampshire's College of Liberal Arts, told Newsweek. "The Bank's historical and continued lack of transparency—even in dealing with the pope and senior Vatican officials—adds to the accounting challenge," Dillon said. The Church has a plethora of expenses, according to Dillon, including real estate ranging from large churches to basilicas, many of which do not have an entrance charge despite "costly operational expenses," she said. Much of the Church's growth is in less wealthy regions, and its affluent base in Europe and the United States is "not sufficiently robust to meet the multiple needs of the universal church," she said. "The annual Peter's Pence collection held across the globe is running a deficit. The Vatican reports that it yielded 52 million Euros in 2023—well over one-quarter of it from collections at U.S. parishes—but the expenses that year were 109.4 million euros. This sort of deficit is simply not sustainable," she said. The church is facing financial concerns on multiple fronts, Erin Walsh, a professor focusing on Christianity at the University of Chicago, told Newsweek. These include declining tourism after the COVID-19 pandemic, litigation surrounding the sexual abuse scandal that has hit the church in recent decades and the rising cost of supporting aging clerics, she said. The Church's pension fund is another key issue that poses a financial challenge moving forward. Kevin Ahern, professor of religious studies at Manhattan University, told Newsweek the Vatican has, for more than a century, "wrestled with how to fund a small country with a global diplomatic outreach." It also has a commitment to charitable works for the poor, without a steady income stream, he said. "It also has to cover the costs and pensions of employees and basic maintenance. The state of the pension fund is deeply concerning and is an issue of justice to the employees who depend on it," he said. Some assets belonging to the Catholic Church, such as its "priceless art," cannot be valued nor used to pay for the pension funds, according to Ahern. Popes over the past century have directed much of the cash assets of the Vatican toward humanitarian causes, especially after the first and second world wars, and when they have organized appeals from local parishes, it's usually for the pope's charitable works. There is no, for example, "pope tax" that bishops or parishes have to pay. Financing isn't a new issue. During the Middle Ages, some popes tried to finance the church by selling "indulgences," which granted remission of a sin. But the practice of selling indulgences was ended by Pope Pius V in 1567. "Since the First World War, popes have looked to powerful, wealthy groups, like the Knights of Columbus or Opus Dei, to fund some projects, including renovations of buildings, and in recent decades, a Papal Foundation was set up in the United States, but the situation remains precarious," Ahern said. Having an American pope may "tighten the ship somewhat" in terms of donations from organizations, even if he may be "out of sync" with some donors, Daniel Rober, chair of Catholic Studies at Sacred Heart University, told Newsweek. Leo XIV, he noted, was elected "in part due to his reputation as a good manager." "Many of these larger donors have particular ideas about the church—often quite conservative—that they would like to be heard and implemented. Some of them before this conclave indicated they would be willing to donate 'with the right pope,'" he said. Leo XIV will need to "find smart ways to implement effective reforms at the Bank," Dillon said. This will be a "challenging task," in part because Vatican offices including the bank are "mired in a culture of secrecy," according to Dillon. "Francis tried to implement structural, procedural and oversight changes in the Bank's practices, and brought in/appointed several successive external financial experts as executives, but almost each one left amid controversy and the emergence of new scandals," she said. One scandal involved Cardinal Giovanni Angelo Becciu, who in 2023 was found guilty of fraud and embezzlement. Ahern noted that Francis faced "opposition and even threats from inside the bureaucracy" when he tried to address the financial concerns. "An additional challenge that Francis faced in reorienting the church towards the poor and critiquing the global economy is that some wealthy donors in the United States and Europe felt alienated from his priorities," he said. "Pope Leo will likely be looking to rebuild some of those relationships. This will not be easy as he will likely want to keep the Church's prophetic stance on economic justice, migration and ecological care." Walsh said a challenge in managing the finances of the Church is that its financial needs differ from country to country. In North America, rising costs may be dealing with the age of clerics, but in other parts of the world, the Church is eyeing churches and schools in areas that don't already have that infrastructure in place. Pope Leo XIV, in remarks on Thursday: "We have to seek together to be a missionary church, a church that builds bridges and dialogue, always ready to accept, like this great piazza, with its arms, we have to show our charity, presence and dialogue with love." Daniel Rober, chair of Catholic Studies at Sacred Heart University, told Newsweek:"The Vatican faces significant debts and threats to its pension fund. This is the result of ongoing mismanagement following three Popes who have not been intensely focused on this particular matter [and particularly over the last three decades have been men in at least their mid-70s and thus often not able to focus on such details with so much else to do]." The new pope must be able to speak well to donors to solicit more donations and encourage giving to the Church, Walsh said. "Even if it is this centralized institution, I think some of these questions really have to do with how local and smaller parts of this institution are managed and how fundraising goes for them," she said. "It's a very complex problem with how these smaller parts are integrated and are supporting one another." Related Articles Catholics Overseeing Gaza Church Send Message as New Pope Inherits WarCatholic Bishops Defy New US State Law To Report Child AbuseWhat Pope Leo XIV Has Said About Abortion, Gun ControlChina's Complicated Relationship With the Catholic Church 2025 NEWSWEEK DIGITAL LLC.
Newsweek
09-05-2025
- Business
- Newsweek
Pope Leo XIV Faces Financial Headache as New Catholic Church Leader
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Pope Leo XIV, the first person from the United States to lead the Catholic Church, is taking on a financial headache in his new position. Why It Matters White smoke billowed from the Vatican at about 6 p.m. on Thursday as the papal conclave made its decision about who should become the leader of the Catholic Church. They elected Cardinal Robert Prevost of Chicago as the new pope. He instantly became perhaps the most recognizable and influential living religious figure alive, holding considerable sway over the world's 1.4 billion Catholics. Despite the vast reach and influence of the church, the Vatican has faced financial challenges in recent years. The task will now fall to Leo XIV, whose leadership at the Vatican began immediately after his election to succeed Pope Francis, who died on April 21. Pope Leo XIV addresses the crowd at St. Peter's Basilica for the first time on May 8, 2025. Pope Leo XIV addresses the crowd at St. Peter's Basilica for the first time on May 8, 2025. TIZIANA FABI/AFP via Getty Images What To Know Francis in February established a new commission to promote donations to the Catholic Church, which has been in a budget deficit in recent years. In 2023, the Church was operating with a $90 million deficit, reported Crux, an online news organization. It is hard to know the full extent of the deficit challenges because of its privacy, Michele Dillon, dean of the University of New Hampshire's College of Liberal Arts, told Newsweek. "The Bank's historical and continued lack of transparency—even in dealing with the pope and senior Vatican officials—adds to the accounting challenge," Dillon said. Why Does The Catholic Church Have A Deficit? The Church has a plethora of expenses, according to Dillon, including real estate ranging from large churches to basilicas, many of which do not have an entrance charge despite "costly operational expenses," she said. Much of the Church's growth is in less wealthy regions, and its affluent base in Europe and the United States is "not sufficiently robust to meet the multiple needs of the universal church," she said. "The annual Peter's Pence collection held across the globe is running a deficit. The Vatican reports that it yielded 52 million Euros in 2023—well over one-quarter of it from collections at U.S. parishes—but the expenses that year were 109.4 million euros. This sort of deficit is simply not sustainable," she said. The church is facing financial concerns on multiple fronts, Erin Walsh, a professor focusing on Christianity at the University of Chicago, told Newsweek. These include declining tourism after the COVID-19 pandemic, litigation surrounding the sexual abuse scandal that has hit the church in recent decades and the rising cost of supporting aging clerics, she said. The Church's pension fund is another key issue that poses a financial challenge moving forward. Kevin Ahern, professor of religious studies at Manhattan University, told Newsweek the Vatican has, for more than a century, "wrestled with how to fund a small country with a global diplomatic outreach." It also has a commitment to charitable works for the poor, without a steady income stream, he said. "It also has to cover the costs and pensions of employees and basic maintenance. The state of the pension fund is deeply concerning and is an issue of justice to the employees who depend on it," he said. Some assets belonging to the Catholic Church, such as its "priceless art," cannot be valued nor used to pay for the pension funds, according to Ahern. Popes over the past century have directed much of the cash assets of the Vatican toward humanitarian causes, especially after the first and second world wars, and when they have organized appeals from local parishes, it's usually for the pope's charitable works. There is no, for example, "pope tax" that bishops or parishes have to pay. Financing isn't a new issue. During the Middle Ages, some popes tried to finance the church by selling "indulgences," which granted remission of a sin. But the practice of selling indulgences was ended by Pope Pius V in 1567. "Since the First World War, popes have looked to powerful, wealthy groups, like the Knights of Columbus or Opus Dei, to fund some projects, including renovations of buildings, and in recent decades, a Papal Foundation was set up in the United States, but the situation remains precarious," Ahern said. Having an American pope may "tighten the ship somewhat" in terms of donations from organizations, even if he may be "out of sync" with some donors, Daniel Rober, chair of Catholic Studies at Sacred Heart University, told Newsweek. Leo XIV, he noted, was elected "in part due to his reputation as a good manager." "Many of these larger donors have particular ideas about the church—often quite conservative—that they would like to be heard and implemented. Some of them before this conclave indicated they would be willing to donate 'with the right pope,'" he said. The Task For Pope Leo XIV Leo XIV will need to "find smart ways to implement effective reforms at the Bank," Dillon said. This will be a "challenging task," in part because Vatican offices including the bank are "mired in a culture of secrecy," according to Dillon. "Francis tried to implement structural, procedural and oversight changes in the Bank's practices, and brought in/appointed several successive external financial experts as executives, but almost each one left amid controversy and the emergence of new scandals," she said. One scandal involved Cardinal Giovanni Angelo Becciu, who in 2023 was found guilty of fraud and embezzlement. Ahern noted that Francis faced "opposition and even threats from inside the bureaucracy" when he tried to address the financial concerns. "An additional challenge that Francis faced in reorienting the church towards the poor and critiquing the global economy is that some wealthy donors in the United States and Europe felt alienated from his priorities," he said. "Pope Leo will likely be looking to rebuild some of those relationships. This will not be easy as he will likely want to keep the Church's prophetic stance on economic justice, migration and ecological care." Walsh said a challenge in managing the finances of the Church is that its financial needs differ from country to country. In North America, rising costs may be dealing with the age of clerics, but in other parts of the world, the Church is eyeing churches and schools in areas that don't already have that infrastructure in place. What People Are Saying Pope Leo XIV, in remarks on Thursday: "We have to seek together to be a missionary church, a church that builds bridges and dialogue, always ready to accept, like this great piazza, with its arms, we have to show our charity, presence and dialogue with love." Daniel Rober, chair of Catholic Studies at Sacred Heart University, told Newsweek:"The Vatican faces significant debts and threats to its pension fund. This is the result of ongoing mismanagement following three Popes who have not been intensely focused on this particular matter [and particularly over the last three decades have been men in at least their mid-70s and thus often not able to focus on such details with so much else to do]." What Happens Next The new pope must be able to speak well to donors to solicit more donations and encourage giving to the Church, Walsh said. "Even if it is this centralized institution, I think some of these questions really have to do with how local and smaller parts of this institution are managed and how fundraising goes for them," she said. "It's a very complex problem with how these smaller parts are integrated and are supporting one another."
Time of India
09-05-2025
- Business
- Time of India
Do popes get a salary and benefits? Here's how much Pope Leo XIV will earn as a pontiff
Robert Francis Prevost has been promoted to a new job, and it's a pretty important post! The US-born pontiff, who emerged from the balcony of St. Peter's Basilica in front of tens of thousands of onlookers, was elected by 133 cardinals during the conclave. Now, as Cardinal Prevost becomes Pope Leo, it is a substantial promotion at his job! But, like every other workplace, does he get an increased salary and some more benefits? Read on to know more about the compensation structure of the new Pope! Do Popes get a salary? Interestingly, Popes do not receive a salary in the traditional sense. However, they do have access to various amenities, including car access, travel privileges, and more. In fact, the Vatican covers all of the Pope's expenses, including housing, food, transportation, and other necessities, through stipends and allowances. Operation Sindoor Air siren warning sounded in Chandigarh, residents advised to stay indoors J&K, Punjab, Rajasthan on high alert after Pak's failed drone attacks Conflict widens, India targets Lahore, Pindi, Karachi after foiling multiple Pakistani attacks During Pope Leo XIV 's time as a cardinal, he reportedly used to make something between €4,000 and €5,000 on a monthly basis. How does the Vatican earn? The Vatican, which is known as 'the world's smallest country,' runs its economy through donations, investments, and revenues from various sources, as per reports. The United States is the largest donor to the Vatican through Peter's Pence, contributing a significant portion of the total income. Other major donors include Italy, Brazil, and Germany. Peter's Pence (Obolo di San Pietro) is an annual collection by dioceses worldwide to support the Pope's charitable works and the Roman Curia, which reportedly brings around $27 million annually. Net worth of Pope Leo XIV: Pope Leo XIV's net worth is yet to be known publicly. The leading church in the world for Catholics, the Vatican has worthwhile assets and holdings across the globe, which ensure that the Pope keeps receiving the financial stability and care required. However, a previous Marca report had claimed that Pope Francis ' net worth was valued at a whopping $16 million, even after considering the fact that he used to forego his salary, which came down to $32,000. He used to donate the sum instead to a foundation or distribute it to family members. Who is Pope Leo? Pope Leo XIV, the newly elected head of the Catholic Church, is not only the first Pope of American descent – the 69-year-old is also quite an academic genius! Hailing from Chicago, Pope Leo is a leader with global experience. He spent much of his career as a missionary in South America and holds dual citizenship in the US and Peru, where he served as a bishop. He most recently led a powerful Vatican office for bishop appointments. He is expected to build on the late Pope Francis' reforms. Mumbai Speaks: Should women get a salary for the household work they do?
