The election of Robert Francis Prevost as Pope Leo XIV comes with significant financial challenges for the Vatican, following the late Pope Francis's efforts to combat corruption. The cardinals prioritized three main qualities in their selection: the ability to convey the faith positively, act firmly on the global stage, and effectively manage the Vatican's finances. Prevost's background, including a degree in mathematics, positions him well to tackle these issues. The Vatican's revenue streams are limited mostly to Italian real estate and donations, as regular taxes or debts cannot be levied.
The Vatican's finances are indeed in a mess and, while Pope Francis made some headway into the thorny issue of stamping out corruption, he did not manage to eliminate the Vatican's financial deficits.
There are three qualities cardinals look for every time they have to kick the tires on a possible pope: a missionary, a statesman, and a governor.
Prevost ticks all three boxes, John L Allen Jr concluded. Clearing up the Vatican's messy finances, therefore, is likely to be a major task ahead for Pope Leo.
Most Vatican revenues come from its vast Italian real estate holdings and pontifical schools or hospitals in Rome, generating 65 percent of the Holy See's revenue.
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