Vatican's Wealthiest Individual Identified
A new pope is being elected today in the Sistine Chapel by over a billion Catholic faithful. Reports indicate that Pope Francis, the outgoing pope, did not receive a salary, with the Vatican covering all his expenses. The Holy See, a financial powerhouse with billions in assets, oversees the election of a new head of the Roman Catholic Church.
The conclave, consisting of around 130 cardinals who have been sequestered since Wednesday evening, is in its second day of voting. The pope serves as both the spiritual leader and the head of state of the Vatican. While the pope's official salary is zero, the Vatican's household covers all his expenses, including accommodation, meals, medical care, and travel.
The Vatican's wealth is generated through various means. It receives donations from Catholics worldwide, invests globally in stocks, bonds, and real estate, manages assets through the Vatican Bank, and generates revenue through tourism and commercial activities within Vatican City. The Administration of the Patrimony of the Apostolic See, which manages the Vatican's assets, reported a profit of 45.9 million euros for 2023.
Despite these significant profits, the Vatican still faces financial challenges. In 2021, Pope Francis imposed salary cuts due to a predicted budget deficit of over 60 million US dollars, largely due to losses from tourism as a result of the COVID-19 pandemic. In 2024, the Vatican recorded a budget deficit of around 83 million euros.
Pope Francis, in his role as Archbishop of Buenos Aires before his election, regularly donated most of his salary to the needy. As Pope, he has consciously waived many privileges and adopted a simpler lifestyle, distancing himself from luxury and opulence.
The new pope's financial situation is not expected to change significantly, as the Vatican continues to manage its wealth through various sources, including donations, investments, the Vatican Bank, real estate holdings, and tourism-driven commercial activities within Vatican City. Despite ongoing financial pressures, the Vatican enforces transparency and oversight to maintain its financial health.
The Vatican, a financial powerhouse with billions in assets, manages the expenses of the pope, who serves as both the spiritual leader and the head of state, through various sources such as donations, investments, the Vatican Bank, and tourism-driven commercial activities within Vatican City. Despite ongoing financial pressures, the new pope's financial situation is not expected to change significantly.
