Spain's King Juan Carlos and Queen Sofia arrive to open Parliament in Madrid on Tuesday.

Story highlights

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

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.