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Spanish royal family releases finances
Source: Agencies |
December 29, 2011, Thursday
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WHAT'S it worth to reign in Spain?
Spain's royal palace released a breakdown of the royal family's finances for the first time yesterday, saying King Juan Carlos earns 292,552 euros (US$382,597) a year and his son, crown Prince Felipe, roughly half that amount.
The palace said that of the monarch's gross income, just under half was personal salary and the rest was designated for expenses. The king pays 40 percent in tax on the total sum.
Queen Sofia and the princesses Cristina, Elena and Letizia receive 370,000 euros between them, while Felipe earns 146,375 euros.
The palace is assigned an annual budget by Parliament. It totaled 8.4 million euros in 2011.
The royal family promised recently to release the information as part of the king's commitment to making his household's accounts transparent.
The release comes as the king's son-in-law Inaki Urdangarin, husband of Cristina, is reportedly suspected of siphoning funds from public contracts awarded from 2004 to 2006 to a nonprofit foundation he then headed.
Although Urdangarin has not been charged, the allegations have put the royal family in the spotlight at a time of hardship and economic crisis for many people in Spain, where unemployment stands at 21.5 percent.
The palace had its budget cut this year by 5 percent and staff, including the king, had their salaries cut by up to 15 percent last year.
Spain's royal palace released a breakdown of the royal family's finances for the first time yesterday, saying King Juan Carlos earns 292,552 euros (US$382,597) a year and his son, crown Prince Felipe, roughly half that amount.
The palace said that of the monarch's gross income, just under half was personal salary and the rest was designated for expenses. The king pays 40 percent in tax on the total sum.
Queen Sofia and the princesses Cristina, Elena and Letizia receive 370,000 euros between them, while Felipe earns 146,375 euros.
The palace is assigned an annual budget by Parliament. It totaled 8.4 million euros in 2011.
The royal family promised recently to release the information as part of the king's commitment to making his household's accounts transparent.
The release comes as the king's son-in-law Inaki Urdangarin, husband of Cristina, is reportedly suspected of siphoning funds from public contracts awarded from 2004 to 2006 to a nonprofit foundation he then headed.
Although Urdangarin has not been charged, the allegations have put the royal family in the spotlight at a time of hardship and economic crisis for many people in Spain, where unemployment stands at 21.5 percent.
The palace had its budget cut this year by 5 percent and staff, including the king, had their salaries cut by up to 15 percent last year.
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