How much new Pope Leo will be paid as his salary is revealed

The newly elected Pope Leo could take home a pretty penny for his role as head of the Roman Catholic Church.

Yesterday (Thursday, May 8), the Vatican unveiled Pope Francis' successor, Chicago-born Cardinal Robert Francis Prevost, to the cheers and applause of millions watching around the world.

Taking on the papal name Pope Leo XIV, the new Catholic leader is relatively young for a pontiff at the age of 69 and, in the spirit of breaking records, is the only American to take on the role in a long line of 266 prior popes.

According to his big brother, John Prevost, we can expect to see Pope Leo following in the 'humble' Pope Francis' footsteps as the pair shared a passion in helping the disadvantaged.

The late 88-year-old pontiff was known for his frugality and progressive attitude, speaking out about climate change, war, and anti-LGBTQ+ laws, and pushing for reform in the Church.

The new pope's salary has been revealed (ALBERTO PIZZOLI/AFP via Getty Images)

As a Jesuit, Francis swore an oath of poverty, chastity, and obedience to Christ, and lived up to his namesake of St Francis of Assisi who lived a life of simplicity.

In other words, Francis passed up on a life of luxury to focus entirely on his religious duties.

He opted out of his $32,000 annual papal salary, which would have seen him rake in millions throughout his tenure, and chose to live in a rather bare and austere bedroom in Domus Sanctae Marthae, a church guest house, instead of the grand Apostolic Palace where his predecessors lived.

However, Pope Francis was far from destitute, with his assets, fleets of vehicles, residences, and charitable allowances reaching millions over his tenure.

Now, Pope Leo, an Augustinian friar who spent most of his life as a missionary in Peru, is yet to decide how he will live, though many like his brother suspect the centrist will align closely with Francis.

International development charity Cafod said Pope Leo presents 'a voice of wisdom in a fractured and divided world,' particularly noting his work in Peru to bring the 'vital perspective of the global south' into his papacy, 'elevating voices from the margins to centre stage'.

The Vatican pretty much pays for everything anyway (Vatican Media via Vatican Pool/Getty Images)

It therefore wasn't a shock when Pope Leo spoke from the balcony over St Peter's Square with the simple message: "Peace be with you," though he did opt to wear the traditional red cape of the papacy, which Pope Francis declined during his first address in 2013.

Pope Leo is entitled to some money, though isn't exactly a traditional salary as we know it.

He will be able to take in €2,500 (roughly $2,820) per month - a bit of a pay cut considering he's reportedly used to taking home between €4,000 and €5,000 (around $5,600) per month as a cardinal.

However, he probably doesn't need it either considering the Vatican foots the bill for quite literally everything he may need, like housing, food, transport, and healthcare.

Like Francis, he will also receive a hefty allowance to make charitable donations.

The Vatican, aka the 'world's smallest country,' reportedly funds its economy through donations, investments and other revenues, with the United States standing as the largest donor through its Peter's Pence.