The Spanish royal palace revealed the personal fortune of King Philip VI for the first time, announcing that it amounted to 2.6 million euros ($ 2.8 million).
The announcement came as Spain's leftist government said it would issue a decree on Tuesday to "enhance transparency, accountability and efficiency" for the royal family affected by an earlier financial scandal.
Philip ascended the throne in 2014 to restore the monarchy's prestige after his father, Juan Carlos, abdicated the throne over scandals about his financial records and love life, according to Agence France-Presse, viewed by Kurdsat English.
Then in 2020, Philip gave up any future personal inheritance he might receive from his father, stripping him of his annual allowance after new details emerged about his alleged shady dealings.
The royal palace statement said that the bulk of the King's wealth, about 2.3 million euros, is deposited in current or savings accounts, while the rest consists of a collection of artwork, antiques and jewellery.
"The King, guided by a spirit of service and civic commitment, today added to his constitutional responsibilities his personal decision to make public his properties," the statement read.
The former King of Spain, Juan Carlos, was subjected to three separate investigations into his financial dealings.
Investigations prompted the 84-year-old to flee the country into self-imposed exile in 2020.
Spanish prosecutors suspended all investigations in March, but Juan Carlos announced that he would continue to live in the United Arab Emirates, visiting Spain frequently.