A Detailed Look at the Former LDS Church President’s Finances
Thomas S. Monson, the former leader of the Mormon Church, had an estimated net worth of $14 million at the time of his death in 2018. [https://en.wikipedia.org/wiki/Thomas_S._Monson] This wealth raised questions about the finances of religious leaders.
Sources of Monson’s Wealth
Monson’s fortune primarily originated from his family’s successful printing business. [https://www.forbes.com/sites/timworstall/2018/01/09/thomas-s-monson-once-considered-a-billionaire-by-forbes-was-not-actually-a-billionaire/?sh=b5dc1e599735] He also made wise investments that contributed to his wealth accumulation.
Humble Lifestyle
Despite his substantial wealth, Monson lived a modest life. [https://www.businessinsider.com/thomas-s-monson-net-worth-2018-1] He resided in a modest home, emphasized the importance of community service, and dedicated a significant portion of his earnings to charity.
LDS Church Finances
The LDS Church is known for its financial privacy, [https://www.npr.org/sections/itsallpolitics/2012/08/16/158846514/the-lds-church-and-its-100-billion-tax-exempt-investment-fund] which has led to speculation about Monson’s finances. However, it is important to note that the church is not required to publicly disclose its finances.
LDS Church Leadership Compensation
LDS Church leaders, including the president, serve as unpaid volunteers. [https://newsroom.churchofjesuschrist.org/article/living-allowance-general-authorities-2023] Instead, they rely on the voluntary contributions of church members, known as tithing, to support their work. The personal wealth of LDS leaders often reflects their financial status before they entered full-time church service.
Key Takeaways:
- Thomas S. Monson’s net worth was primarily derived from family businesses and investments.
- Despite his wealth, Monson lived a humble life, emphasizing service and charitable giving.
- LDS Church leaders serve without salaries, relying on member tithing for support.
- The LDS Church’s financial practices emphasize voluntary service and financial responsibility.