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On Thursday, American Robert Francis Prevost was chosen as the 267th pope to take over from the recently deceased Pope Francis, who passed away on April 21.
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Prevost adopted the papal name Leo XIV and was selected among the 133 cardinals gathered for the conclave to choose a new pontiff just two days later.
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The pope’s needs, such as lodging, meals, transport, and additional expenses, are covered by the Vatican via stipends and allowances.
Japhet Ruto, who works as a journalist for News Globe.co.ke, possesses more than eight years of experience in the fields of finance, business, and technology journalism both within Kenya and internationally.
On Thursday, May 8, the white smoke billowed out from the Sistine Chapel in Vatican City, signaling the successful selection of a new pontiff.
Who’s the new pope?
A few minutes thereafter, Cardinal Robert Francis Prevost emerged onto the balcony of St. Peter’s Basilica, marking a historic moment as the inaugural American to lead the Catholic Church.
Prevost adopted the papal name Pope Leo XIV and was selected from a group of 133 cardinals during a conclave held over just two days to elect a new pontiff.
This suggested that he left a lasting impact on his peers during the covert election process.
Does the leader of the Catholic Church receive payment?
As reported by Fox News, the pope doesn’t get paid a salary that most people would typically expect.
The pope’s needs are fulfilled by the Vatican, which provides lodging, meals, transport, and other expenses via stipends and allowances.
The Vatican, referred to as “the planet’s tiniest nation,” sustains itself through an economic model that depends on a mix of contributions, individual businesses, and financial ventures for income generation.
The Michigan Journal of Economics disclosed that Peter’s Pence, which denotes annual contributions made to the Pope by Catholics globally, constitutes a segment of the Holy See’s revenue.
The U.S. publication revealed that this totals $27 million (KSh 3.49 billion) per year, with contributions primarily coming from the United States, Germany, and Italy.
How are Vatican’s finances?
Nevertheless, the Vatican experienced an annual operating shortfall of over $90 million (KSh 11.6 billion) in 2023, which has placed its fiscal health at risk.
Vatican News stated that the former Pope Francis alerted everyone in November regarding a significant potential imbalance within the pension fund. This financial arrangement provides retirement benefits for employees working at the Holy See and Vatican City State.
When Francis assumed office in 2013, he refused to accept any kind of compensation.
As reported by the Economic Times, the Pope’s estimated wealth at that point stood at approximately “$16 million (KSh 2.06 billion),” encompassing several assets allocated to him due to his position as the head of the Catholic Church.
According to the newspaper, the Pope earns a monthly salary of $32,000 (KSh 4.1 million), not including additional contributions.
The Catholic Church boasts immense wealth due to its extensive assets worldwide, contributing significantly to its economic resilience.
When did Pope Leo XIV go to Kenya?
Previously, News Globe.co.ke reported that upon Prevost’s election as the new pope, Kenyans remembered his most recent trip to the nation in December 2024.
Back then, the cardinal was presiding over the consecration ceremony for the chapel dedicated to Our Mother of Good Counsel at St. Augustine Convent.
Prevost talked about the importance of divine scripture and the company of believers.
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