Vatican finances in flux as pope's wealth and successor eyed

Since taking office in 2013, Pope Francis has declined to accept a salary. The Vatican provides for his housing, meals, and other necessities through stipends and allowances. According to "The Economic Times," the Pope's wealth was then estimated to be around $16 million, which includes various assets related to his position.

The Vatican is primarily funded through donations, investments, and business activities. Income comes, among other sources, from the so-called Peter's Pence—annual donations from the faithful worldwide, reaching $27 million. The largest contributors are the United States, Germany, and Italy, as noted by "American Magazine."

Despite these sources of income, the Vatican's financial situation is challenging. The operational deficit in 2023 exceeded $90 million, and the Pope has warned that the Holy See's pension fund may soon become insolvent, reports "Vatican News."

The governing body of the Vatican—the Holy See—does not publish detailed financial data. According to the CIA World Factbook, in 2013, revenues amounted to $315 million, while expenses reached $348 million.

"Fox News" attempted to contact the Vatican and the United States Conference of Catholic Bishops about the Pope's remuneration but received no response.

After Pope Francis's passing, the faithful around the world are awaiting the selection of his successor. Experts and bookmakers are predicting their favorites to take the papal throne. As reported in WP Finance, a frequently mentioned potential successor to Francis is the 70-year-old Italian Cardinal Pietro Parolin, the current Secretary of State of the Holy See.

Bookmakers have noted an increase in bets in his favor, which may suggest that he is being seriously considered as a successor.