Wednesday, December 28, 2011

SPAIN'S ROYALS reveal their income for the first time:

Spain's royal palace released a breakdown of the royal family's finances for the first time Wednesday, saying King Juan Carlos earns euro292,552 ($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 euro370,000 ($483,553) between them, while Felipe earns euro146,375 ($191,297).
The palace is assigned an annual budget by Parliament. It totaled euro8.4 million ($11 million) 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 figures were posted on the palace website

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.