The Spanish royal family is in the red for the first time

MadridThe Royal Household has audited its accounts since 2015, and for the first time since then, it has ended a year in the red. The institution closed 2024 with a deficit of €99,591.80, according to the Court of Auditors' annual report released this Monday. In the previous year, on the contrary, the result was positive, with a balance of €379,996. In 2022, the Royal Household also closed the year with a surplus of €407,402.

This situation is attributed to the fact that the same budget has been maintained since 2021, with an allocation of €8.43 million, when new needs of the institution require internal modifications and adjustments. Given this, looking ahead to 2025, the Zarzuela Palace has already agreed to mobilize an additional 950,153 euros from the surpluses from previous years to improve the confidentiality of its communications and for digitalization projects.

The deficit recorded in 2024 is not, therefore, the result of a lack of resources at the Royal Household's disposal. As of December 31, 2024, the institution had a treasury balance of almost five million euros deposited instead with credit institutions, primarily the Bank of Spain. It is from these reserves that it will draw the money to make additional investments this year not foreseen in the previous budgets.

This is not the first time that the Royal Household has drawn on its savings to face modernization investments. In fact, last year it used almost 2.5 million euros to boost the operability of its communications systems and drive the institution's digital transformation. Also to launch a new audiovisual room for the monarchs. The closing balance for 2024 for this type of item related to digitalization is a 138.6% increase. The Court of Auditors, in its report, has approved the use of this resource and the 2024 financial year as a whole.

Frozen salaries

The Royal Household's main budget item is personnel expenses. By 2025, this amount will amount to 4.88 million euros, including both the allocation for the royal family and the salaries of other employees. Queen Letizia will have 152,539 euros at her disposal. As in previous years, 124,814 euros are reserved for Queen Sofía, but nothing for King Juan Carlos.

The Royal Household has also published an inventory of the gifts it received last year. In 2024, its members received 358, of which more than 200 were intended for the King. Among the gifts are an Olympic torch, numerous books, sports jerseys, and traditional souvenirs from trips abroad.