The palace released detailed information regarding the members of the Spanish royal family’s finances on Wednesday, December 28, 2011.  His Majesty King Juan Carlos I earns $382,597 a year and His Royal Highness Prince Felipe of Asturias earns $191,297. The palace said that of His Majesty’s gross income, just under half was his personal salary and the rest was designated for expenses. The king pays 40% in tax on the total sum.

Her Majesty Queen Sofia and Their Royal Highnesses Princess Cristina, Princess Elena and Princess Letizia receive $483,553. The palace is assigned an annual budget by Parliament which totaled $11 million in 2011.

Source: The Associated Press

Photo courtesy of Casa de Su Majestad el Rey