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The Danish Royal Family’s money problems

The Danish Royal Family spent more money in 2015 than the income they earned according to reports in The Copenhagen Post. 

Last year, their budget took a loss of 2.5 million kroner – despite receiving 78.4 million kroner from the state, (which is what they receive annually), and 2.5 million in other income.

The Royal Family’s records acknowledge that some of the excess expenses were do to Queen Margrethe’s 75th birthday celebration. The records read: “In 2015, Her Majesty the Queen’s 75th birthday was celebrated with various events, which resulted in some increased costs.”

The records also indicated however, that building renovations and interior designs also attributed to the increase in spending. In particular, the renovations of Garderstalden, the stables behind Det Gule Palæ, were quite expensive, as was painting the windows at Fredensborg Castle in North Zealand. The line item expenses, (modernisation and maintenance costs), grew from 3.3 million to 4.2 million kroner; while the relevant expenses including the Queen’s birthday events increased from 1.9 million kroner to 5.8 million kroner.

The royal household employed approximately 100 employees, shelling out a collective salary last year of 49.9 million kroner, a figure that remained unchanged from 2014. The Royal Family will repay the extra costs itself. As reported by The Copenhagen Post a few years ago, 2012 was also another year where the Royal Family’s budget suffered a large deficit, though not as large as the one from last year.

Taxpayers aren’t responsible for repaying the debt, as the Royal Family may use their personal assets to make repayments as they did in 2013. After repaying that debt, they had approximately 18 million kroner left over.

Søren Kruse, the royal treasurer said: “What’s important is that our finances are balanced over a several-year period. We are given a fixed sum that is set independently of our activity level for the year. That is why we have to put a little aside in the years when we are less busy for the years when we are more active than normal.”

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