Royal share losses reach 10 million kronor
Published: 05 Oct 2008 10:12 GMT+02:00
Updated: 05 Oct 2008 10:12 GMT+02:00
But while average losses per shareholder have now reached the 10,000 kronor ($1,400) mark, the outlook for King Carl XVI Gustav is considerably gloomier.
In September alone, his share portfolio dropped in value by 10 million kronor, according to the Aftonbladet newspaper.
The king’s financial affairs are confidential, but according to Bengt Telland, who manages the king’s finances, his majesty's 100 million kronor portfolio has shrunk by around 12 percent, reflecting average losses for the stock market as a whole.
“We didn’t think it would be as bad as this, but the king is taking a long-term view. He is not disheartened,” said Telland to Aftonbladet.
According to the paper, the hardest hit minister is Eskil Erlandsson, Minister of Agriculture, who has lost 810,227 kronor in one month.
Prime minister Fredrik Reinfeldt’s losses have been far more modest, a mere 53 kronor, while Minister for Higher Education and Research Lars Leijonborg is only 460 kronor to the bad. The size of their shareholdings has not been disclosed.