For an institution that is modelled on the life, teachings, and character of Jesus Christ, the Catholic Church does pay the Pope top dollar. According to Yahoo News, the job comes with a paycheck of $33,000 a month, comparable to other bigwigs, such as the President of the US.
And rightly so, considering his global influence and position as head of state.
It’s not because the Catholic church likes to spoil him, or because he is greedy, as some heads of state we know. His is one of the most demanding, fast-paced jobs requiring long hours and constant multitasking with the guarantee of continuous criticism.
The Pope is the spiritual leader and head of over 1.3 billion members. This job includes communicating church doctrine, appointing bishops and clergy worldwide, canonizations and beatifications, and leading global religious ceremonies like Christmas.
He oversees the Vatican Curia, guides church policy on education, ethics, and social issues, and is the final authority on Canon Law. He is also the sovereign of Vatican City and meets with world leaders to determine international policy on peace, human rights, and poverty, among others.
Moreover, he symbolises unity, promoting interfaith dialogue and reconciliation as he leads the Church through modern global challenges.
While other news outlets claim that the Pope receives no salary, Fortune magazine quotes Daniel Rober, a professor of Catholic studies at Sacred Heart University, as saying that Popes earn a lavish salary of 30,000 euros per month.
However, Pope Francis is known to have refused the salary to live a life of simplicity and modesty like St. Francis and fellow Jesuit monks.
Whether he accepts or rejects a salary or an allowance, the Catholic church covers his total living expenses, including lodging, food, transportation, medical care, and security. When on international duty, his costs are covered either by the church administration or the host country.
The church administration comprises the Holy See and the Vatican City State.
The Holy See is the spiritual and administrative arm of the Catholic Church. It oversees global Church governance, diplomacy, and communications and is funded primarily by donations like Peter’s Pence, investment income, and returns from Vatican-owned real estate.
Peter’s Pence is money collected annually around June 29 from Roman Catholics around the world sent directly to the Pope to support charitable works and the administrative costs of the Holy See.
The Vatican City State, the world’s smallest country, manages its municipal operations, including museums, a post office, security, and maintenance, using funds obtained from tourism, souvenir sales, stamps, and other commercial services.
Other bodies oversee the Vatican’s finances, including the APSA (Administration of the Patrimony of the Apostolic See), which manages the Vatican’s money. The APSA also manages real estate holdings and financial investments, and acts somewhat like a central bank and treasury.
The IOR (Institute for the Works of Religion—“Vatican Bank”), which was known for secrecy in the past and is now subject to reform and stricter regulation, provides financial services to Church institutions, religious orders, and clergy, handling private accounts.
The Secretariat for the Economy, established in 2014 by Pope Francis for financial oversight and transparency, sets budgets, monitors spending, and audits all Vatican departments.
The Prefecture for Economic Affairs is the former central accounting office, but its powers have been reduced or merged with newer bodies.
Vatican finances have not always been open. Financial watchdogs like Moneyval have accused it of corruption and mismanagement in offshore funds and real estate deals.
In light of the above, Pope Francis embarked on efforts to improve the Vatican’s financial management, initiating measures such as releasing audits and public reports since 2020, cracking down on corruption, introducing investment oversight, and asset screening whereby its banks and institutions have to comply with international anti-money laundering standards.