- American Robert Francis Prevost was elected Pope 267 on Thursday, inheriting Pope Francis, who died on April 21
- Prevost took the name of Pope Leo XIV and was selected within two days after 133 cardinals gathered in a meeting to elect a new Pope
- Pope’s requirements, including accommodation, food, transportation, and other expenses, are fulfilled by the Vatican through allowances and allowances
- Speaking to TUKO.co.ke alone, religious expert Elias Mwenda took into account the importance of financial responsibility within the Vatican
On Thursday, May 8, a white smoke finally emerged from the Sistine Chapel church in the Vatican, signaling success in choosing a new pope.
Source: Getty Images
Who is the new pope?
A few minutes later, Cardinal Robert Francis Prevost appeared on St. Peter’s Basilica balcony, setting the history of being the first American to lead the Catholic Church.
Prevost took the name of the Pope Leo XIV and was elected within two days of the 133 cardinals gathered in a meeting to elect a new Pope.
This signaled that he immediately attracted his colleagues during a secret election.
Is the head of the Catholic Church paid?
According to Fox Newsthe pope does not receive what many people would consider as a normal salary.
The requirements of the Pope are instead met by the Vatican, which covers accommodation, food, transportation and other costs through allowances and allowances.
The Vatican, known as “the smallest country in the world, is supported by an economy based on a mix of contributions, private organizations, and investments to earn revenue.
Source: Getty Images
The Michigan Journal of Economics revealed that Peter’s Pence, a term used to refer to the annual payment to the Pope from Catholics around the world, provides Holy See and part of his income.
The US newspaper revealed that this amount reaches $ 27 million (KSh 3.49 billion) annually, with the United States, Germany, and Italy contributing further.
How are the Vatican funds?
However, the annual Vatican performance deficit increased to more than $ 90 million (KSh 11.6 billion) in 2023, thus putting its financial status at risk.
The Vatican News newspaper reported that Pope Francis issued a warning in November about “inequality” in his pension system, which pays pensions to Holy See staff and the Vatican province.
When Francis came to power in 2013, he refused to receive any form of compensation.
According to the Economic Times magazine, the Pope’s value at the time was “About $ 16 million (KSh 2.06 billion), which includes the various assets he was given as Pope.”
The newspaper showed that the papal monthly salary was $ 32,000 (Ksh 4.1 million) every month, except for donations.
The Catholic Church Institute is very rich as it has many shares around the world, increasing its financial stability.
Speaking to TUKO.co.ke alone, Kenyan financial and religious expert Elias Mwenda took into account the importance of financial accountability in the Vatican amid global investigation.
He noted that while the papacy remains a spiritual institution, modern expectations require more transparency and good financial management.
“The late Pope Francis began to push for more transparency in the Vatican funds, but the challenge remains. He told his close round that spiritual leadership cannot be separated from financial accountability in today’s world. Go to the comments.
When did Pope today XIV visit Kenya?
Previously, TUKO.co.ke reported that when Prevost was elected as a new pope, Kenyans remembered his last visit to December 2024.
At that time, Cardinal was overseeing the dedication of our Mother of the Good Counselor in St. Augustino’s Convent.
Prevost talked about the significance of God’s Word and the presence of His people.
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Source: TUKO.co.ke
