Madrid ( CNN ) -- Spain 's royal family publicly revealed its finances for the first time Wednesday , as the nation faces an economic crisis and corruption allegations bring increased scrutiny to the monarchy . King Juan Carlos receives 292,752 euros ( $ 382,743 ) annually , the royal palace said in a statement . Prince Felipe , next in line to the throne , receives about half that amount . Queen Sofia , Princess Letizia , Infanta Elena and Infanta Cristina received a combined total of 375,000 euros for royal duties ( $ 490,274 ) in 2011 , the palace 's statement said . The announcement comes as a corruption investigation reportedly involving the king 's son-in-law has fueled public criticism of the royal family . Authorities are investigating whether a foundation headed by Inaki Undangarin improperly used public funds , according to media reports . No charges have been filed against Undangarin , a former Olympic handball player who married Infanta Cristina in 1997 . Urdangarin 's attorney , in an interview with Europa Press earlier this month , said his client was innocent . The palace pledged its commitment to austerity and transparency in its statement Wednesday . Spain faces an economic crisis that has brought thousands of protesters to the streets and sparked sharp government austerity measures . About 5 million people in the country are jobless . Spain has an overall unemployment rate of 21.5 % , but it youth unemployment rate is a staggering 45 % . Conservative prime minister sworn in . Economic protests surged across Spain over the past year , fueled by young people known as `` indignants , '' who criticized government officials and financial institutions . When he took office last week , Prime Minister Mariano Rajoy said pulling the nation out of its deep economic crisis would be his top priority . CNN 's Catherine E. Shoichet , Ana Maria Luengo-Romero and Al Goodman contributed to this report .
A corruption investigation widely reported in Spanish media is fueling criticism of the royal family . Spain faces an economic crisis that has sparked sharp government austerity measures . King Juan Carlos receives 292,752 euros annually . Prince Felipe , next in line to the throne , receives about half that amount .