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An unprecedented move. For the first time, the Spanish royal house has made public the personal wealth of the king, Felipe VI. It amounts to 2.57 million euros. This is the sum that he has accumulated since 1998. Specifically, the total value of his assets is 2,573,392.80 euros. Breaking this down, 2.26 million euros are held as deposits in current or savings accounts and holdings in equity funds, while the remaining 300,000 euros consist of art objects, antiques and jewellery, the Zarzuela royal palace has stated in a press release. This decision to make public the monarch's assets has been taken as a "measure of exemplariness and transparency", according to the royal house. In relation to the remuneration received in the last 25 years, first as prince of Asturias and then as king, Felipe VI received about four million euros. The announcement comes less than two months after Spanish prosecutors ended their investigations into financial irregularities and alleged corruption centred on his father, the abdicated Juan Carlos I, who remains in the United Arab Emirates, after fleeing from Spain in 2020. 


Royal house's statement

The Zarzuela published a press statement on Monday afternoon with an attached appendix detailing the personal net worth of Felipe VI. In the statement, the Spanish royal house states that from his proclamation as king on June 19th, 2014, Felipe "began the path of modernizing the crown to make it worthy of the respect and trust of the citizens, under the principles of exemplariness, transparency, rectitude and integrity in their behaviours". In this regard, the note recalls that, in the 2014 proclamation speech of the new monarch, he stated that "today, more than ever, citizens rightly demand that moral and ethical principles inspire - and that exemplariness preside - over our public life. And the king, at the head of the Spanish state, must be not only a reference, but also a servant of this just and legitimate demand of all citizens."

The statement adds that "this demand for public regeneration is very present in the millions of people who face their daily work with effort and honesty, with vitality and generosity; people who, every day, fulfill their obligations, show their civic values ​​and thus build and define the future of the country". The royal house maintains that "this citizen demand inspires and is present in" the messages and measures that the Spanish king has been adopting to "fulfill his commitment to renew the monarchy for a new time" and that, therefore, Felipe VI, "guided by this same spirit of service and civic commitment, adds today to his constitutional responsibilities his personal decision to make public his net wealth, which amounts to 2,573,392.80 euros."


In the supplementary note, the Spanish royal house adds that Felipe VI "annually presents his Personal Income Tax declaration and also the declaration of the Wealth Tax." As for this wealth, the text assures that it "mainly consists of the remuneration he has received from the budgets of the royal house over the last 25 years; first as prince of Asturias from the year 1998 and later as king from 2014". Gross salaries received amount to 4,275,796.94 euros. "From this amount, it is necessary to subtract income tax deductions, as well as the other taxes paid over the years," says the Zarzuela. The more than 2.5 million euros which the Spanish monarch has to his name are made up of 2,267,942.80 euros in "current or savings account deposits and holdings in equity funds of any financial institution" and 305,450 euros in "art objects, antiques and personal jewellery which have been valued".

Royal house reforms announced 

Regarding the current allowance which the Spanish monarch receive from the budget of the royal house, the annual gross amount is 258,927 euros, which is paid in 12 monthly installments. The monthly gross salary, then, would be 21,577.25 euros. For her part, queen Letizia receives 142,402 euros gross each year, while princess Eleanor receives 116,525 euros. At the same time, the publication coincides with an announcement made by Moncloa shortly after the king's estate came to light. This Tuesday, "the Spanish cabinet will approve a royal decree reforming the structure and operation of the royal house. This decree will strengthen the transparency, accountability, efficiency and exemplariness of the royal house."

Coming less than two months after Spanish prosecutors closed their investigations into suspected financial offences by Felipe's father, Juan Carlos I, the announcement also coincides with ongoing speculation about the return of the king emeritus from the UAE to Spain. Although the former head of state has already confirmed that he will not install himself permanently in Spain - despite an apparent end to any threat of Spanish legal action - he explained in a letter to his son that he would "visit the state frequently​." The newspaper La Razón has published a date which many are now picking for the return of the former king: June 10th. The rumour is that he will be present in Sanxenxo (Galicia), where the world sailing championship in the Six Metre class will begin that week. In fact, on June 10th, a three-day series of tune-up races will be held: the King Juan Carlos Regatta