MADRID (AP) — The royal palace says Spain's King Juan Carlos earns €292,552 ($382,597) a year and his son, crown Prince Felipe, roughly half that amount.
Giving a breakdown of the royal family’s finances for the first time, the palace said Wednesday said that of the monarch’s gross income, €140,519 was personal salary and the rest was designated for expenses.
The king pays 40 percent in tax on the total sum.
The palace said Queen Sofia and the princesses Cristina, Elena and Letizia receive €370,000 between them, while Felipe earns €146,375.
The palace is assigned an annual budget by Parliament. It totaled €8.4 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.
