Spain’s King Felipe reveals 2.6 million euros worth of wealth in a bid to make the royal household more transparent

Soccer Football – Copa del Rey – Copa del Rey – Final – Real Betis v Valencia – Estadio la Cartuja de Sevilla, Seville, Spain – April 23, 2022 Spain’s King Felipe VI is seen in the stands before the match REUTERS/Jon Nazca

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MADRID, April 26 (Reuters) – Spain’s King Felipe VI has revealed his fortune is worth around 2.6 million euros ($2.8 million) as the government imposes rules to make the Royal House more transparent and put an end to the opacity that prevailed under the reign of his father. Juan Carlos.

The King’s assets include just under 2.3 million euros in checking or savings accounts and securities, and he currently owns works of art, antiques and jewelery worth more than 305 000 euros, according to a press release published by the Royal House.

It did not mention any property or building.

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The king’s wealth comes mainly from the more than 4.3 million euros he has collected over the past 25 years, mainly from his allowance for 25 years as prince and then king, which was taxed, according to the communicated.

“Today, more than ever, citizens demand with all reason that moral and ethical principles inspire and that exemplarity presides over our public life,” King Felipe said.

The disclosure came hours before the government announced a new law ordering the Royal House to issue public tenders and publish its financial statements quarterly, under the supervision of the comptroller.

Under the new law, gifts given to the king will be cataloged and either become his personal property, transferred to the state, or donated to charity.

Senior officials of the Royal Household, who in many cases would be selected from civil servants, will have to declare their heritage

“This royal decree places the Spanish monarchy at the level of the highest standards of European royal houses,” Minister Felix Bolanos, in charge of relations with the Royal House, told reporters on Tuesday as he detailed the new law.

Other European monarchies, such as the British or Belgian royal houses, already apply such transparency measures.

Disclosure of the extent of his wealth was the king’s own initiative, Bolanos added.

Felipe ascended to the throne in 2014 after his father Juan Carlos abdicated amid a tax evasion case involving members of the royal family, as well as a scandal over an elephant hunting trip to a time when Spain was in the grip of a deep recession.

As part of efforts to modernize the monarchy and distance himself from scandals, King Felipe also removed his older sisters, Elena and Cristina, from their royal duties.

A few years later, Felipe renounced his father’s inheritance and stripped the ex-monarch of his palace allowance.

Juan Carlos, who retains the title of King Emeritus, left Spain for the United Arab Emirates in August 2020 under a cloud of scandal and has lived there ever since.

($1 = 0.9363 euros)

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Reporting by Christina Thykjaer and Emma Pinedo, editing by Inti Landauro and Angus MacSwan

Our standards: The Thomson Reuters Trust Principles.

Edward K. Thompson