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Spain’s king unveils personal assets of €2.6 million

Spain’s royal palace on Monday unveiled King Felipe VI’s personal wealth for the first time, saying it amounted to €2.6 million ($2.8 million).

Spain's king unveils personal assets of €2.6 million
(FILES) In this file photo taken on October 22, 2021 Spain's King Felipe VI delivers a speech during the 2021 Princess of Asturias award ceremony at the Reconquista Hotel in Oviedo. - Spain's royal palace on April 25, 2022 unveiled King Felipe VI's personal wealth for the first time, saying it amounted to €2.6 million ($2.8 million). (Photo by ANDER GILLENEA / AFP)

The announcement came as Spain’s leftist government said it would on Tuesday pass a decree to “strengthen the transparency, accountability, efficiency” of the scandal-hit royal household “in line with the principles that have presided” during Felipe’s reign.

Felipe ascended the throne in 2014 with the goal of restoring the monarchy’s prestige after his father Juan Carlos abdicated against a backdrop of scandals over his finances and love life.

The new king promptly ordered an audit of the royal household’s accounts and issued a “code of conduct” for its members.

Then in 2020 Felipe renounced any future personal inheritance he might receive from his father, and stripped him of his annual allowance after fresh details of his allegedly shady dealings emerged.

The bulk of the king’s personal wealth, around 2.3 million, are deposits in checking or savings accounts, with the rest made up of art, antiques and jewellery, the royal palace statement said.

The heritage comes from the remuneration he received over the last 25 years, first as Prince of Asturias and since 2014 as king, it added.

Since he ascended the throne, Felipe “launched the path of modernisation of the Crown to make it worthy of the respect and trust of its citizens”.

“His Majesty the King, guided by this spirit of service and civic commitment added today to his constitutional responsibilities his personal decision to make public his assets,” the statement said.

A key figure in Spain’s transition to democracy following the death of dictator Francisco Franco in 1975, Juan Carlos was the target of three separate probes over his financial dealings.

One of them involved possible illegal commissions linked to a high-speed rail project in Saudi Arabia that was awarded to a Spanish consortium in 2011.

The inquiries prompted the 84-year-old to flee the country into self-imposed exile in 2020.

Spanish prosecutors shelved all the investigations in March but Juan Carlos announced shortly after that he would continue to live in the United Arab Emirates, and visit Spain frequently.

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IN PICTURES: Spain’s crown princess comes of age in boost for monarchy

Princess Leonor, heir to the Spanish crown, swore loyalty to the constitution on Tuesday, her 18th birthday, a legal milestone on the path to inheriting the crown from her father King Felipe VI.

IN PICTURES: Spain's crown princess comes of age in boost for monarchy

Her mother Queen Letizia and younger sister Sofia joined Felipe as Leonor took the oath before a joint session of both houses of parliament.

Leonor wore a white suit and after the playing of the national anthem she pledged loyalty on the same copy of the constitution as her father 37 years ago.

After taking the oath, Princess Leonor can legally succeed her father, King Felipe VI, and automatically becomes head of state in the event of the monarch’s absence. (Photo by Andres BALLESTEROS / POOL / AFP)
 

“I swear to faithfully fulfil my duties, to protect and have protected the Constitution and its laws, to respect the rights of citizens and autonomous communities and to be faithful to the king,” she said.

Loud applause echoed round the chamber of deputies in Madrid for several minutes and the king embraced his daughter.

Spanish Crown Princess of Asturias Leonor gestures as she receives a round of applause. (Photo by JAVIER SORIANO / AFP)
 

Madrid city hall set up giant screens in the central Puerta del Sol square for the public to watch a live broadcast of the brief ceremony.

READ ALSO: What you need to know about Spain’s crown princess

A crowd had gathered outside parliament amid a sea of Spanish flags and shouts of “Long live Spain”.

Spanish Crown Princess of Asturias Leonor appears on a giant screen installed on Puerta del Sol as thousands of supporters watch her swear allegiance to the Spanish Constitution. (Photo by OSCAR DEL POZO / AFP)
 

The streets had been decorated with images of the queen-in-waiting.

With the oath taken, Leonor can legally succeed Felipe and automatically becomes head of state in the event of the monarch’s absence.

Leonor is next in line to the throne in Spain. (Photo by Andres BALLESTEROS / POOL / AFP)

Her grandfather Juan Carlos, who took the oath in 1969 when dictator General Francisco Franco named him as his successor, did not attend the ceremony.

Media reported he would attend a private party at the El Pardo palace near Madrid after the event, the first formal royal family gathering he will attend since going into exile.

Spanish Crown Princess of Asturias Leonor (L) and her sister Princess Sofia leave in their car after attending a ceremony to swear loyalty to the constitution. (Photo by Pierre-Philippe MARCOU / AFP)
 

Juan Carlos came to the throne in 1975 after Franco’s death and was widely respected for his role in helping guide Spain from dictatorship to democracy.

But a steady flow of embarrassing stories about his love life and personal wealth eroded his standing.

He abdicated in 2014, dogged by scandals and health problems, and in 2020 went into self-imposed exile in Abu Dhabi amid investigations into his financial affairs, since shelved.

READ ALSO: What do Spaniards think of their royal family?

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