Robert Francis Cardinal Prevost has been elected as the 267th Bishop of Rome by the Vatican's Conclave.
The first words of Pope Leo XIV were “Peace be with all of you.”
Dominique Mamberti, Cardinal Protodeacon of Rome, announced the new pope to the crowds waiting for the announcement from the central loggia of Saint Peter's Basilica.
Annuntio vobis gaudium:
HABEMUS PAPAM
Eminentissimum ac reverendissimum Dominum Robertum Franciscum
Sanctae Romane Ecclesiae Cardinalem Prevost
qui sibi nomen imposuit Leo XIV
(translation)
I announce to you a great joy:
WE HAVE A POPE
The Most Eminent and Most Reverend Lord Robert Francis
Cardinal of the Holy Roman Church Prevost
who has taken the name Leo XIV.
Pope Leo, 69, will be the first American-born pope.
In the Vatican's Sistine Chapel, white smoke abounded from the roof at about 6 pm on Thursday, Rome time (2 am on Friday AEST), which signified the selection of a new pope.
Pope Francis, 88, died last month, prompting the election.
The Conclave, a top-secret process to select a successor to Francis, who had a 12-year papacy, involved 133 cardinals from five continents.
Prevost was elected by Catholic cardinals on the fourth ballot.
Vatican leadership transitions may not affect markets immediately, but over time, they can affect capital allocation, regulatory priorities, and global investment trends.
A new pope's election has substantial economic implications, especially when it comes to areas such as the financial markets, environmental, social, and governance investing, as well as global philanthropy.
Although the Vatican doesn't directly influence monetary policy, it can influence investor sentiment by addressing issues such as climate change, inequality, and ethical business governance. ESG investing was legitimised by Pope Francis, for example, which made it easier for capital to flow into sustainability-related projects.
In addition to social policies, immigration, and education, the new pope's worldview could impact labor markets and long-term demographic trends. Sustainable capitalism could be weakened if the Vatican aligns itself with conservative policies.
Rome's tourism industry experiences a surge during the transition period, including the conclave and the papal inauguration. Approximately 30% of the Vatican's revenue comes from tourism, and events such as the 2025 Jubilee Year amplify this growth.
African, Asian, and Latin American countries have significant Catholic populations, which are both economically developing and socially vulnerable. It is possible that the priorities of the new pope will have an effect on the distribution of aid, investment flows, and philanthropic initiatives.
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- Who is Robert Prevost, the US cardinal elected as new Pope Leo XIV?
- Editorial: Surrendering oneself to He who guides the Church
- Matteo Bruni: Pope Leo XIV's name choice highlights the Church's mission
- Augustinian Prior General: Leo XIV is ‘truly close to everyone'
