Pope Francis, who is renowned for leading a modest and economical life, actually consciously shunned any kind of personal income during his tenure as head of the Church from 2013 to 2025.
Although the Pope is constitutionally entitled to a modest salary, which is reported to be around €2,500 per month (about £2,150), his choice is similar to that of St. Francis of Assisi, his namesake, and it symbolises his dedication to poverty and simplicity.
Additionally, previous popes have never been known to receive extravagant incomes. Rather, the Vatican provides what is effectively a life of luxury.
Although Francis notably opted to stay in the more basic Domus Sanctae Marthae guesthouse on Vatican property, housing is typically offered in the lavish Apostolic Palace.
The Pope is far from impoverished even if he does not get paid. Pope Francis’s estimated net worth, which includes Vatican-funded services and access to papal assets, has been around £12 million.
He gets access to official residences, a fleet of cars, and a sizeable allowance for charity contributions, as the €200,000 Pope Francis presented to Roman prison inmates.
However, these resources are not meant for individual use. Popes are supposed to prioritise spiritual stewardship over material success.
As demonstrated by Pope Emeritus Benedict XVI, who resided in the Vatican until his death in 2022, the position actually has lifelong duties, even after retirement.
The Vatican itself depends on a complicated combination of income from investments, gifts, and tourism as well as the Vatican Museums.
Peter’s Pence, a yearly collection from Catholics worldwide that brings in about £20 million annually, is one of its most well-known revenue streams.
Italy, Germany, and the United States make the biggest contributions.
Although the Vatican has a reputation for having large fortunes, its financial status has not been steady.
Pope Francis expressed concern about the long-term sustainability of its pension fund for Vatican employees after it revealed an astounding operating deficit of £70 million in 2023.
Francis implemented widespread pay reductions in 2021 in response to persistent financial issues that were made worse by the pandemic.
The salary of cardinals, who previously made between €4,000 and €5,500 a month, was cut by 10%.
Ordinary priests in Rome make an average of €1,200 per month, whereas bishops currently earn about €3,000.
Monks and nuns, who frequently make poverty vows, typically don’t get paid unless they work in the Church in administrative capacities.
In an effort to reduce spending and show his dedication to openness and justice, Francis also took steps to discontinue the practice of providing senior clergy with subsidised Vatican homes.
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