The bells of St. Peter’s Basilica rang and white smoke rose from the chimney on top of the Sistine Chapel on Thursday afternoon, a sign that a new pope had been chosen by the cardinals.
Cardinal Robert Prevost has become the first American ever to be elected pope in the 2,000-year history of the Catholic Church. He is a former missionary who worked in Peru and now leads the Vatican’s powerful department that oversees bishops.
A senior cardinal deacon announced that the new pope has chosen the name Leo XIV.
Pope Leo XIV, 69, is from Chicago and is known as a skilled diplomat within the Church. He took over after the death of Pope Francis in April and became the new spiritual leader for Catholics around the world.
His appointment has sparked interest not only in his faith and leadership but also in his financial situation. However, money is not what motivates a pope. Like Pope Francis, Leo XIV prefers to live simply and humbly.
Do popes receive a salary?
The pope does not earn a regular paycheck. Instead, the Vatican takes care of all his basic needs—such as housing, food and transportation—through special allowances, according to reports from Fox News and the Associated Press.
What kind of assets does a pope have access to?
The pope has access to various resources connected to his position. This includes transportation, like cars, and other privileges that come with being the head of the Church.
What is Pope Leo XIV’s net worth?
It’s not known how much Pope Leo XIV (Robert Prevost) is currently worth. However, when he was a cardinal, it’s reported he earned between 4,000 and 5,000 euros each month, according to Merca20.
How much will Pope Leo XIV earn now?
The pope does not receive a salary like cardinals do. Since the Vatican covers everything he needs—from food and clothing to medical care—Leo XIV won’t be paid for his new role as pope.
Born in Chicago in 1955, Robert Francis Prevost joined the Order of St. Augustine in 1977, became a priest in 1982, and earned a doctorate in Canon Law in Rome. He also studied mathematical sciences at Villanova University.
How rich is the Catholic Church compared to the pope?
While the pope personally does not have much wealth, the Catholic Church as a whole is extremely rich. It owns many properties and other assets around the world, which gives the Church strong financial security.