The Spanish royal palace unveiled for the first time the personal fortune of King Philip VI, announcing that it amounted to 2.6 million euros (2.8 million dollars).
The announcement came when Spain’s left-wing government said Tuesday it would issue a decree to “improve transparency, accountability and efficiency” for the royal family hit by a previous financial scandal.
Philip ascended the throne in 2014 with the aim of restoring the prestige of the monarchy after his father, Juan Carlos, abdicated scandals over his financial resources and love life, according to Agence France-Presse and seen by Al Arabiya.net.
The new king immediately ordered an inspection of the royal family and issued a “code of conduct” for its members.
Then, in 2020, Philip gave up any future personal inheritance he might have received from his father, depriving him of his annual allowance after new details about his alleged shady deals surfaced.
The royal palace statement states that the majority of the king’s personal fortune, around € 2.3 million, is made up of deposits in checking or savings accounts, while the rest consists of a collection of works of art, antiques and jewelry.
He explained that the legacy stems from the reward he has received over the past 25 years, first as prince of Asturias and since 2014 as king.
“The King, guided by a spirit of service and civic commitment, today added to his constitutional responsibilities his personal decision to make his properties public”, reads the note.
The former king of Spain, Juan Carlos, was subjected to three separate investigations into his financial relationships.
The investigations prompted the 84-year-old to flee the country in self-imposed exile in 2020.
Spanish prosecutors suspended all investigations in March, but Juan Carlos announced soon after that he would continue to live in the United Arab Emirates, visiting Spain frequently.
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