Cardinals overseeing departments within the Vatican are reportedly earning between €4,000 and €5,000 (£3,440 to £4,300) per month, while the Pope’s annual income stands at approximately $32,000, according to Italian media. These salaries are often supplemented with allowances, including support for hiring personal secretaries. However, recent reforms introduced under Pope Francis have significantly scaled back these financial perks.
Pope Francis’ Push for Financial Discipline
As part of a broader push for financial sustainability, Pope Francis—who notably refused to accept a salary during his papacy—implemented a 10% pay cut for cardinals effective from 2024. The reforms also removed two monthly allowances totaling €500 (£430), impacting roughly 20 top-ranking officials at the Vatican.
This cost-cutting initiative aligns with Francis’ long-standing “zero deficit” agenda. The late Pope urged senior clergy to adopt a culture of austerity, prioritising essential expenses and eliminating excess. The new financial directives follow a similar 10% pay reduction introduced in 2021 in response to the Vatican’s pandemic-related revenue shortfall, particularly from a sharp decline in tourism.
Additional Cost-Saving Measures
Earlier in 2023, Pope Francis further reinforced his reform agenda by abolishing subsidised housing for cardinals and senior Vatican officials. In a rare letter addressed to Church leadership, he stressed the need for fiscal responsibility and greater accountability within Church operations.
These reforms are seen as part of his legacy to preserve the financial integrity of the Holy See and Vatican City, especially as the Church continues to recover from COVID-19’s economic impact.
Holy See vs. Vatican City: Budget Breakdown
It’s important to note that the Vatican comprises two distinct financial entities: the Holy See and Vatican City. While the Holy See serves as the administrative and spiritual leadership of the global Catholic Church, Vatican City—a 108-acre independent city-state—manages its own budget. Revenue from attractions such as the Vatican Museums often helps offset deficits in the Holy See’s budget.
A Legacy of Reform and Humility
Pope Francis, born Jorge Mario Bergoglio, made history in 2013 by becoming the first Latin American Pope. His papacy was marked by humility, reform, and a focus on social justice. Throughout his tenure, he consistently promoted a modest lifestyle, steering the Church toward transparency, inclusivity, and fiscal reform.
His final financial reforms reflect his enduring commitment to a leaner, more responsible Church, setting a precedent for future Vatican leadership.
Reuters
