Although being Pope is a big responsibility and requires of much time, devotion, and work. The work of the Pope is the work of God. There is no salary assigned to the pope, the monthly expenses of the pope are all covered by the Curia funds. The compensation for being a Pope for a year is of 1 gold coin, 1 silver coin and 1 copper coin. These are not received by the Pope on life but are awarded after his death and all the coins earned during his papacy are placed inside the Popes coffin.
Salaries within the Catholic Church
Although the Pope does not receive a salary, other positions of the Catholic Church do. Being a priest is one of the most significant jobs in the Catholic Churches all around the world, and these men are compensated with a net income of about 25,000 dollars a year, and this is the base salary for a newly ordained priest as after a certain amount of years and experience the salary of a priest can become up to 44,417 dollars a year. It has been sated that a few priests in specific countries can make up to 75,355 dollars a year.
Salaries for Cardinals within the Catholic Church
The Cardinals of the Catholic Church have been known to make a good sum of money a year, it is said that the lowest salary for a Cardinal is of 34,618 dollars a year, while the average income of Cardinals around different regions is of about 71,214 dollars a year. The highest sum received by a Cardinal has been stated to be of 146,497 dollars a year. Cardinals are entitled to a compensation of a Cardinals plate which is set to be worth 5,000 euros on average and is meant to cover all of the Cardinals expenses.
The Vatican Bank
Though Popes have no set income, the Vatican does have a bank, the full movement of money in the Vatican is said to be of about 64 billion dollars. Though there are no specifics as to who is accounted for this wealth, the bank does own 764 million dollars in equity. Considering the only citizens of the Vatican are members of the church, technically this wealth is attributed to the Catholic Church. The Vatican Bank has said to have closed nearly 4,000 bank accounts after accusations of money laundering over the past few years. Furthermore, the Vatican Banks has been speculated to keep reserves of up to 20 million dollars’ worth in gold.
The Assets Belonging to the Catholic Church
If we consider the Catholic Church as a company, that would make the Pope the CEO of the Catholic Church company. The Church is said to have 8 billion dollars in assets, meaning that the pope would have 8 billion dollars at his disposal. But since the Catholic Church is not a company, the Pope does not handle the sum of money that the Catholic Church is worth, they have staff in place to look after the numerous assets of the church including their banks, real estate holdings and other assets. Here is a closer look at the wealth of the Catholic Church.
The Papal Salary
Although the Pope does not receive a salary, he is said to receive millions of dollars a year for his personal use, much like the Royal Families throughout Europe and around the world. This is not directly awarded by the Catholic Church or the Vatican City. Rather from contributions and donations.
Saint Peter’s Pence, is known to be a way for the Vatican to charge taxes, in the US, a voluntary payment is made of one penny from every household, considering the large population of Catholics in the US, the sum made by the Vatican just by the US is set to be large. Bear in mind that there are nearly 1.2 billion Catholics around the world and this sum can add up rather quickly.
The Vatican makes an income as well from tourists, as they charge nearly 16 euros per tickets, and the tourism to the Vatican City has been said to have increased since Pope Francis was elected back in 2013, in 2017, the Vatican museum alone was said to have received 4.3 million tourists. Accounting the price per ticket this is a high income for the Vatican City.
The current Pope, Pope Francis has made a vow of poverty, he can therefore own no land other than the Vatican City, which he does not own but is rather a custodian for his papacy term. Nevertheless, he does have a pension fund which is said to go as high as to the amount of 24,000 euros per year.
All the money that is raised by the Catholic Church does not go to the Pope, but to charitable actions, and church activities.
I believe this article has given you a clue on Pope’s financial income.