For the first time, Spain’s royal palace has revealed King Felipe VI’s personal wealth, which is estimated to be around 2.6 million euros ($2.8 million).

The news came as Spain’s socialist government announced that it will issue a decree on Tuesday to “strengthen the openness, accountability, and efficiency” of the royal family’s scandal-plagued household “in keeping with the principles that have prevailed” during Felipe’s reign.

After his father, Juan Carlos, abdicated amid controversies surrounding his finances and love life, Felipe succeeded to the throne in 2014 with the objective of restoring the monarchy’s dignity.
The new monarch immediately demanded an examination of the royal household’s books and a “code of conduct” for its personnel.

After more facts of his allegedly shady operations emerged in 2020, Felipe renounced any future personal inheritance he could get from his father and was deprived of his yearly stipend.

The majority of the king’s personal fortune, roughly 2.3 million dollars, is held in checking and savings accounts, with the balance made up of art, antiquities, and jewellery, according to a statement released by the royal palace.

The inheritance stems from his salary during the previous 25 years, first as Prince of Asturias and then as King since 2014, according to the statement.

Felipe has “started the road of modernization of the Crown to make it worthy of the respect and confidence of its citizens” since assuming the throne.

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