As the leader of a faith with more than a billion adherents worldwide, the next pope will be adjusting to the many responsibilities of his position.

Yesterday, May 8, white smoke billowed out of the Vatican to announce that Robert Prevost, an American, had been elected pope by the cardinals’ conclave.

The 69-year-old is now known as Pope Leo XIV and is the first American pope in history. He was viewed as a compromise candidate who may provide the late pope continuity after being appointed a cardinal by the late Pope Francis in January 2023.

The Catholic church’s finances will cover the expenses of the newly elected Pope Leo, who was chosen in the fourth round.

Popes can claim an income of about £2,100 per month, but considering all the assets they own, their net worth is actually estimated to be in the millions. The church will cover his life, travel, and security.

The ‘Ring of the Fisherman’, a piece of jewellery that belongs to the pope and is a component of his formal regalia, is one of the most costly artefacts Pope Leo will own.

Since each pope’s ring is customarily burned upon his death, a new one is manufactured for each one. However, Newsweek claims that the jewellery Pope Leo will wear is extremely precious, with each piece worth at hundreds of thousands of dollars.

During his remaining years on earth, he also has access to elaborate vestments, his pectoral cross, which is said to hold the bones of saints, and other papal accoutrements.

Yes, that includes the Popemobile and the opulent apartments in the Vatican where the pope usually resides, but it’s unclear if he will really use them.

Pope Leo XIV is now the protector of this wealth, but it’s not like he can sell these papal assets for money or that the Catholic Church needs it.

His use of it could reveal something about the type of continuity he could provide from Pope Francis.

The late Pope Francis only wore his Ring of the Fisherman to formal occasions and wore modest clothing since he had vowed to live in poverty.

Additionally, he chose to live at the Domus Sanctae Marthae, which had more modest accommodations, rather than the opulent chambers of the Apostolic Palace.

Soon enough, we shall know if the new pope will follow suit and how he behaves.

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