What is Juan Carlos' Net Worth?
Juan Carlos, a prominent member of the Spanish royal family and a former politician, boasts a net worth of $50 million. He is most famous for being the King of Spain from November 1975 to June 2014. However, he abdicated the throne in 2014 amidst a financial scandal which eventually led to his self-imposed exile from Spain in 2020.
Early Life and Rise
Juan Carlos was born in Rome, Italy, in January 1938. As a member of the House of Bourbon, he is the son of Infante Juan, Count of Barcelona, and Princess Maria de las Mercedes of Bourbon-Two Sicilies. Spain had been without a king for nearly 40 years after the Bourbon family was ousted in 1931. Dictator Francisco Franco selected Juan Carlos to succeed him in 1969. Upon Franco's death in 1975, Juan Carlos ascended the throne.
As king, Juan Carlos played a pivotal role in dismantling the Francoist regime, initiating Spain's transition towards democracy, and establishing a constitutional monarchy with the enactment of the Spanish Constitution in 1978. Notably, he thwarted a significant military coup in 1981. Additionally, he served as the president of the Ibero-American States Organization, which represented over 700 million people in 24 nations. Juan Carlos married Princess Sofia of Greece and Denmark in 1962, and the couple has three children and eight grandchildren.
Abdication
In 2014, Juan Carlos abdicated the throne in favor of his son, Felipe VI. His decision followed a financial scandal involving his daughter, Infanta Cristina, and her imprisoned husband, Iñaki Urdangarin. The controversy surrounding a taxpayer-funded elephant hunting trip to Botswana that led to a fractured hip compounded his troubles. Spain at the time was grappling with a severe financial crisis.
Even after abdicating, Juan Carlos and Sofia retained their royal titles and styles from their reign.
Pablo Blazquez Dominguez/Getty Images
Personal Wealth
Upon becoming king in the late 1970s, Juan Carlos' personal net worth was essentially zero—an unusual situation for a reigning European monarch. Over the years, he accumulated significant personal assets through his role as a dealmaker and ambassador for Spain, often facilitating important connections. This wealth was on top of an $11 million annual budget funded by Spanish taxpayers to maintain his lifestyle.
The combined net worth of the Spanish royal family has been estimated at up to $2.3 billion. The family disputes this figure, claiming it is inflated by the inclusion of valuable government-owned properties that they use.
Notably, while there is no law against a Spanish king accepting gifts, Juan Carlos has received numerous luxurious items, including cars, yachts, and even an island home. It's alleged that he has a collection of over 50 cars.
Exile and Corruption Charges
In March 2020, in a bid to reform the royal family's image, King Felipe cut his father's yearly allowance to $228,000 and renounced any personal inheritance connected to a Saudi deal. By mid-2020, it was confirmed that Juan Carlos had gone into exile. While former Queen Sofia remained in Spain, Juan Carlos' exact location was not disclosed. On August 3, 2020, Juan Carlos wrote a letter to his son, pledging to be available for prosecutors investigating his financial affairs. Public opinion was divided between those who felt he should face the charges in Spain and those who thought his presence tarnished his son's reign.
Saudi "Donation"
Just three months before his exile, the Spanish Supreme Court announced an investigation into Juan Carlos concerning an $8 billion high-speed rail construction contract awarded to a Saudi company. Prosecutors alleged that Juan Carlos had received a $100 million "donation" from the King of Saudi Arabia, deposited into an offshore account in 2008. In 2012, he reportedly gifted his former mistress, Corinna Larsen, $75 million from this offshore account, which was then used to buy and renovate two apartments in a prestigious Swiss ski resort and to purchase a $6.4 million mansion in North London.
