Starting next year, the royals must provide a proper balance sheet and income statement detailing how they spend the money they receive from the state, complete with comments and notes, according to the government’s budget bill presented earlier this week, the Svenska Dagbladet (SvD) newspaper reports.
The opposition has previously pushed for increased transparency in royal finances. Following talks between the Royal Court and the government, the request is set to be implemented.
King Carl XVI Gustaf and his family receive an annual sum, known as an appanage, of roughly 127 million kronor ($20 million) from the Swedish state. Roughly half of the money goes to running the royal palaces, operations which have long provided an accounting of their expenses.
According to the new proposal, the Royal Court will also have to provide proper accounting much like a private company for the roughly 65 million kronor the king receives each year to cover expenses related to the royal family’s activities and official duties.
According to SvD, Sweden’s royals have a total turnover of roughly 600 million kronor per year, excluding the royal family’s private assets.
The Royal Djurgården Administration, which earns revenue in the form of rents and leases, has an annual turnover of 250 million kronor. Entrance fees to palaces and other royal sites account for another 137 million kronor in income.
In addition, dividends for charity from royal foundations generate about 150 million kronor annually.