Costs and Finances of the Swedish Royal Family


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The royal children made a well timed stock sales, writes Dagens Industri.
The Royal Children's portfolio is called Gluonen and is mainly owned by Crown Princess Victoria, Prince Carl Philip and Princess Madeleine.
According to Dagens Industri, successful sales of shares were made in September. Then 2,700 shares were sold in the company Epiroc, writes the newspaper and refers to the holding company Holdings.
According to Di, sales represent a gain for the grandchildren, as the sale seems to have been made in September. When the stock was listed on the Stockholm Stock Exchange in June, the share cost SEK 84. In September, the value of the share was at most SEK 93, which would have given the royal children a win of SEK 114,300.
The portfolio is currently worth SEK 25.3 million and the largest ownerships are in Investor and Latour investment companies. Third place is the workshop Sandvik and fourth place in Volvo, Di writes.
The shares in Epiroc were only held for five months, but otherwise, the strategy for the portfolio is long-term, says director and treasurer of the court Jan Lindman, CEO of Gluonen. He manages the Royal Children's portfolio together with Chairman Fred Wennerholm and Financiers Fredrik Palmstierna and Richard Montgomery.
Even though the stock market is in an awkward time, Jan Lindman is not worried.
- If you can be long-term, you can stand up with some ups and downs during the trip. We basically have a positive view of the market and think that Swedish equities are long-term investments. In the long term, it should go up so we are not stressed by the recent downturns, he says to Dagens Industri.
He also says that the royal children have no opinion about which companies the portfolio manager is investing in. Sometimes the royal children receive information about how it goes, but the managers never ask advice from the royal children about how they invest in Gluonen.
- It has to do with the fact that the king in particular, but also other members of the royal family, are very well informed. In different contexts they have dialogues with the government or meet corporate executives and may receive information that is not public. Then we do not want to risk that our activities in these portfolios would be based on some insider information, he says to Di.
Kungabarnens senaste aktieklipp på börsen
 
25,3 million Swedish Crowns is roughly 2,5 million Euro. Meaning a portfolio of roughly 800.000 Euro per child. That is a nice piggie bank, but not enough to finance a (royal) lifestyle from the annual yield based on that amount. But I understand it is a long term investment. Probably for their children. But with all the children, this fortune will water down, that is obvious.
 
25,3 million Swedish Crowns is roughly 2,5 million Euro. Meaning a portfolio of roughly 800.000 Euro per child. That is a nice piggie bank, but not enough to finance a (royal) lifestyle from the annual yield based on that amount. But I understand it is a long term investment. Probably for their children. But with all the children, this fortune will water down, that is obvious.


It’s not enough to finance a royal lifestyle no, but it’s only one part of their fortunes and as you said a long term investment. I don’t have any numbers in my head but if I can recall correctly the value of the investments have grown considerably in the last few years.
 
It’s not enough to finance a royal lifestyle no, but it’s only one part of their fortunes and as you said a long term investment. I don’t have any numbers in my head but if I can recall correctly the value of the investments have grown considerably in the last few years.

Would their whole fortunes be enough for Prince Gabriel for example to maintain a royal lifestyle when he is an adult, provided that he neither earns his own money nor receives money from taxpayers?
 
Would their whole fortunes be enough for Prince Gabriel for example to maintain a royal lifestyle when he is an adult, provided that he neither earns his own money nor receives money from taxpayers?


I did a quick google and according to some media outlets Carl Philip was taxed for a fortune around 30 million SEK five years ago. Added to that he does have an income from his businesses. The same articles states that The King has a private fortune of around 300 million SEK. I don’t have time to check more sources since I’m going grocery shopping, but if true I’d say Gabriel will be able to live quite comfortably.
 
In addition that Victoria, Carl Philip and Madeleine are jointly the main owners of Gluonen, they all have their own portfolios.
According to Expressen the values of the royal family members' portfolios were in 2016
King Carl Gustaf SEK 56 971 370
Queen Silvia SEK 5 625 288
Crown princess Victoria SEK 14 855 583
Prince Daniel SEK 378 780
Prince Carl Philip SEK 12 049 853
Princess Sofia SEK O
Princess Madeleine SEK 16 202 163
Här är kungahusets stora aktievinnare – hela kungafamiljen

Dagens Industri Di wrote in April, that Daniel has earned several million SEK with his gym companies during the last years.
Prins Daniel inspirerar unga att starta eget

Daniel sold in August his gym chain Balance where he was the main owner, there was three more owners.
The gym chain had a book value of SEK 12,8 million, but in company's annual report it was said that "external stakeholders have bid for shares in the subsidiary which exceed their book value". So perhaps they got more than 12,8 million when they sold the chain.
Daniel is also joint (main) owner in Master Training. Master Training had a turnover of SEK 21.6 million last year and made a business profit of SEK 3.3 million. The three shareholders got SEK 3 million in dividends this year.
Prins Daniel säljer sin gymkedja till Sats
 
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New book about the fortune of the king and the royal family.

The king is much richer than what he himself has previously stated in his declarations. His hidden fortune amounts to billions and consists of jewels, art and antiques. This is claimed by the former top official of the Ministry of Finance, economist Thomas Lyrevik, in the book "Den kungliga kleptokratin".
Paintings from artists such as Carl Larsson, Anders Zorn, Frans Hals, silver, porcelain, furniture and very exclusive and expensive jewelry.
In the Bernadotte family foundations, there are today hundreds of tons of items of value - and the king is the sole beneficiary.

Lyrevik believes that the market value of the king's and royal family's total individual property and the assets of the family foundations amounts to a two-digit billion amount - just over 30 times more than what the king himself stated to the Tax Agency in 2006. And it is the king himself who owns the most.

According to the author, the value of the royal jewelery is billions. These are owned by the royal family privately or by the Bernadotte family foundations.
He also writes that the family foundations' book collections, chandeliers, furniture, vehicles, sculptures, documents, silver and art are worth to billions.
He has gained the values ​​by studying in detail the inheritance of the royal family and the king over the years. It has been possible via estate inventories after, among other things, the king's grandfather Gustaf VI Adolf and the inheritance of Prince Bertil and the king's parents.
Lyrevik has also gone through the applications for tax exemptions that the king submitted to the government in the 1970s. It has then applied inheritance tax exemptions of assets in three family foundations and the Galliera commission with a large collection of art originally coming from Emperor Napoleon.

But the real value is extremely much larger - almost invaluable, writes Lyrevik, who has also been in contact with auction companies, including Sotheby's, and studied how other royal objects have been sold for very big money.

Expressen met the Marshal of the Realm Fredrik Wersäll, Treasurer Jan Lindman and director of the press department Margareta Thorgren. Everyone has read the book - but the king hasn't.
- We have advised him not to do so, says the Marshal of the Realm.
They think that there are personal attacks in the new book - but they also believe that in some parts it is ambitiously written.
Fredrik Wersäll also partly confirms Lyrevik's conclusions that the king is worth for multi-billion amounts.
- Yes, probably. We don't know that, there is no one who has made a real valuation and there has been no need to make a valuation. The reason for this is that it is part of the cultural heritage.
- There are no thoughts, at all, to dispel this. There are no thoughts on taking advantage of this value.
But if the monarchy were to be abolished, would the assets of the family foundations still accrue to the king and the royal family?
- We have no idea about that, says Wersäll.
You don't know that?
- No, how could we know it and I don't want to speculate on it.
Because the foundations have statutes?
- These personal property foundations. They have been legally reviewed by our lawyers and we have come to the conclusion that they are probably not foundations. Probably they are fideikomisser. This means that as long as the monarchy remains, they will not be able to dispersed legally. I cannot imagine that there would be a state power that would accept that a cultural heritage worth ten billion would be dissipated, says Wersäll.
But if one disregards the family foundations and only looks at the king's inherited wealth - even the billions of worth - then he has the right to sell items?
- I can't answer that, says Wersäll.
But who controls this?
- If it is his private, it is his private, but for us it is airy-fairy.
Why?
- Because it has never happened. They have had an ambition to never disperse the items, they are sufficiently wealthy anyway, Wersäll says and refers to the royal family's other assets.
The last year that Sweden had wealth tax was in 2006. That year, the king declared a fortune of just over SEK 293 million.
Has the King through foundations and that he has not updated the value of his previous inheritance escaped with millions of wealth in wealth tax?
- I can't imagine that there are tax reasons. I assume that with the auditors' reviews made, these were correct values ​​from a tax point of view. Then it can definitely be that property in practice can be much more valuable. We know that the total royal personal property is worth a lot of money, but that is part of the royal cultural heritage shown to the public.
Ny bok avslöjar kungens dolda miljardförmögenhet
Translation
 
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Doesn't the Swedish Sovereign now have a purely ceremonial role with no executive functions? If so this is a) different from nearly all other European sovereigns who retain at least some symbolic executive function and b) makes it harder for the King and his family to use insider knowledge to help make a profit for themselves

and let's not forget c) this is an investment company for the Kings children, not the King




It is true that the King of Sweden no longer holds any executive power. However, the constitution still mandates that the King be kept informed by the prime minister about state affairs. Accordingly, not unlike in the UK or other countries, the King meets informally with the PM and other ministers individually on a regular basis. On top of that, the constitution also mandates that the King and the government convene as a formal Council of State "whenever required". Under current practice, such Councils of State under the chaimanship of the King and with multiple ministers in attendance are normally held four times a year (i.e. every three months or so).


Finally, the King is also privy to considerable confidential information regarding foreign policy in particular. Not only is the King briefed by the Foreign Ministry before any state or official visit to or from a foreign country, but also, under the constitution, he serves as chair of the Advisory Council on Foreign Affairs, which is a committee of MPs, including the Speaker and members of the opposition, which the government is required to keep informed about foreign policy and consult with before any major foreign policy decision is made or any international agreement is finalized.



So, in summary, although the King is not formally part of the government, I think it is fair to say that, under current constitutional arrangements, he still has access to far more potential "inside information" than an ordinary private citizen.
 
Items that are held in trust by the family foundations should not be counted in the King's private fortune as they are not owned by him privately. The book is misleading then IMHO.


That is true, unless a foundation can be dissolved and then the properties to be divided under members of the royal family. In such a case it is currently not private property but it can become private property again. It is depending on what the statutes of a foundation say about dissolving the foundation.
 
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I am constantly amazed that the Swedish Royal Court so openly comment on such books and articles. I appreciate Sweden has a more open society than many other countries but surely they would be better not commenting on everything.
 
Indeed.

And a lot of the artwork and items must be considered of national historical value as well. Something the Swedish government will object to being sold outside Sweden.

To me this looks more like an insurance.
Should Sweden become a republic, most of these items would IMO likely be bought by the Swedish state at a reasonable price, ensuring the SRF maintain a life befitting their former status.
A second concern that seem plausible to me, is that by placing especially the jewellery but also antiques and artworks in foundations they remain in the family in case of a bad divorce going against the SRF. - Or because a specific member of the SRF end up in personal financial trouble, and starts to sell the family-jewellery.
AFAIK, the SRF don't pay tax. Should that change, and change pretty quickly, the SRF seem prepared for that as well.
 
That is true, unless a foundation can be dissolved and then the properties to be divided under members of the royal family. In such a case it is currently not private property but it can become private property again. It is depending on what the statutes of a foundation say about dissolving the foundation.
According to what Fredrik Wersäll, the Marshall of the realm, says in the interview the foundations are in reality not foundations, but fideicommises (I don't know the correct English word) meaning that they can't be abolished for as long as the monarchy remains. I'm not sure about why they can't be abolished, but I know that when the Swedish fideicommis system was abolished in the 1960s the four royal fideicommises (or foundations) were exempt.
 
That is true, unless a foundation can be dissolved and then the properties to be divided under members of the royal family. In such a case it is currently not private property but it can become private property again. It is depending on what the statutes of a foundation say about dissolving the foundation.




The Court Marshall said in the interview that, according to the interpretation of the court lawyers, the foundations cannot be dissolved as long as the monarchy remains in place. He refused to answer if the foundations would be dissolved and their assets would revert to the RF in case the monarchy was abolished, claiming he did not know the answer and would not speculate about that scenario.


I agree with the Court Marshall that, if Sweden or the Netherlands for that matter ever become republics, there is no way to tell what kind of settlement the new republican government will reach with the RF. In principle, family foundation assets should revert privately to the trustees if the foundation is dissolved, but I assume the State would have an interest in buying back or having custody over historical items to prevent them from being sold or dispersed by private owners.
 
AFAIK, the SRF don't pay tax. Should that change, and change pretty quickly, the SRF seem prepared for that as well.

Like all Swedes they pay tax on properties, financial gains etc.
Worth noting here is that Sweden does not tax wealth and inheritance (though we did at the time of the death of Gustav VI Adolf when the royal foundations applied for tax exemption).
 
He refused to answer if the foundations would be dissolved and their assets would revert to the RF in case the monarchy was abolished, claiming he did not know the answer and would not speculate about that scenario.

I'd say that's a bad translation by Google. What Fredrik Wersäll says is that he can't answer the question, because as you write it'd be a matter of speculation, not that he refuses to answer.
 
So how does the King distribute the allowances?

Unknown. The Court regularly states that Prince Carl Philip and Princess Madeleine receive only enough from the Royal House's allowance to reimburse them for their official activities, but there is no proof of this. Which may be the reason why a parliamentary committee announced last year that it wished to set official regulations for the funding of the Royal House.

Expressen met the Marshal of the Realm Fredrik Wersäll, Treasurer Jan Lindman and director of the press department Margareta Thorgren. Everyone has read the book - but the king hasn't.
- We have advised him not to do so, says the Marshal of the Realm.
They think that there are personal attacks in the new book - but they also believe that in some parts it is ambitiously written.

I am constantly amazed that the Swedish Royal Court so openly comment on such books and articles. I appreciate Sweden has a more open society than many other countries but surely they would be better not commenting on everything.

I am not sure if the Swedish court is more "open" in this regard. It seems as if most the European royal families denounce books, articles, and comments when they see them as "attacks".
 
Unknown. The Court regularly states that Prince Carl Philip and Princess Madeleine receive only enough from the Royal House's allowance to reimburse them for their official activities, but there is no proof of this. Which may be the reason why a parliamentary committee announced last year that it wished to set official regulations for the funding of the Royal House.


But it is not published who gets how much money from the Apanage i think they shoudl do this to show how much Prince Carl Philip and Princess Madeleine really get.

This is done in the other Houses egen in Spain they now publish how they Apanage they get from the State is divided.
 
Unknown. The Court regularly states that Prince Carl Philip and Princess Madeleine receive only enough from the Royal House's allowance to reimburse them for their official activities, but there is no proof of this. Which may be the reason why a parliamentary committee announced last year that it wished to set official regulations for the funding of the Royal House.





I am not sure if the Swedish court is more "open" in this regard. It seems as if most the European royal families denounce books, articles, and comments when they see them as "attacks".

Wait that’s actually a thing? You do official duties and get paid?
 
I don't doubt that the King is a very rich man but I assume that they are speaking of billions in Swedish Krona which does not pack the same punch as being a billionaire in dollars, pounds or Euros.

Wait that’s actually a thing? You do official duties and get paid?
Yep, only the King and Crown Princess have apanages, so the King compensates the other royals who carry out royal work. I don't think that Queen Silvia gets an apanage but she has her own household and she I think that Princess Madeleine's work is part of her household.
 
I don't doubt that the King is a very rich man but I assume that they are speaking of billions in Swedish Krona which does not pack the same punch as being a billionaire in dollars, pounds or Euros.


Yep, only the King and Crown Princess have apanages, so the King compensates the other royals who carry out royal work. I don't think that Queen Silvia gets an apanage but she has her own household and she I think that Princess Madeleine's work is part of her household.
Interesting. So different how it works in the UK. The royals never get a salary for royal duties.
 
That's the difference between families that still (primarily) live of properties that they have held from a long long time ago (in the case of the British monarch: the duchy of Lancastar has been the sovereign's private estate from 1399 onwards currently providing a net income of £20 million per year; and in addition there is also the Duchy of Cornwall -from 1337- with a net income of about £19 million per year; moreover, there is also the Sovereign Grant that funds part of the functioning of the monarchy) versus the monarchies that do not live of huge estates that they have held over the centuries. The first could be considered the relics of the feudal system while granting an apanage seems more democratic.
 
Now that Sweden has finally organized a new government, does the committee of the constitution intend to proceed with regulating the apanage as they announced last year?

Yep, only the King and Crown Princess have apanages, so the King compensates the other royals who carry out royal work. I don't think that Queen Silvia gets an apanage but she has her own household and she I think that Princess Madeleine's work is part of her household.

There is only one apanage, but the King can distribute it according to his own preferences to his family members, their households, and so on.

https://www.kungahuset.se/royalcour...yalfinances.4.396160511584257f2180005637.html
 
:previous: The page mentions that three Households are part of the Court Administration category: The Queen's Household (which administers The King and Queen's activities), the Crown Princess's Household and Princess Lilian's Household.

Perhaps apanage was the incorrect term, my guess is that I got it from a translated article, but the Crown Princess, along with the Royal Couple, has her own Household which distinguishes her from other Swedish Royals.

P.S.
I wonder when that page was last updated because it mentions Princess Lilian's Household ❓.
 
:previous: The page mentions that three Households are part of the Court Administration category: The Queen's Household (which administers The King and Queen's activities), the Crown Princess's Household and Princess Lilian's Household.

Perhaps apanage was the incorrect term, my guess is that I got it from a translated article, but the Crown Princess, along with the Royal Couple, has her own Household which distinguishes her from other Swedish Royals.

P.S.
I wonder when that page was last updated because it mentions Princess Lilian's Household ❓.




I think that currently there are 3 separate households within the Court: the King's household, the Queen's household, and CP Victoria's household. In addition, the Royal Mews is a fourth separate department that is responsible for royal transportation.
 
Now that Sweden has finally organized a new government, does the committee of the constitution intend to proceed with regulating the apanage as they announced last year?



There is only one apanage, but the King can distribute it according to his own preferences to his family members, their households, and so on.

https://www.kungahuset.se/royalcour...yalfinances.4.396160511584257f2180005637.html
The matter is planned to be debated and decided on in the chamber on Februari 27th.

The proposal from the Constitutional Committee is not yet public.

Follow the matter at the website of the Riksdag (only in Swedish):
http://riksdagen.se/sv/dokument-lagar/arende/betankande/allmanna-helgdagar-mm_H601KU18
 
The proposal from the Constitutional Committee has been published, and I have to admit I made a mix up. This proposal does not contain anything about the costs, finances or size of the Royal Court/House. Instead, all of that was decided upon last May and a committee was to be appointed. What's new, however, with the this new proposal is that the Riksdag has been informed from the Government Offices that a committee not yet has been appointed. That is likely due to the long process of government formation, so we just have to wait and see I guess.
 
In the government's spring budget, it is stated that the The Court Administration and the The Palace Administration receive SEK 4 million extra. They should go to management fees. Together with the police and Säpo, a need has been identified for increased security protection and strengthening of security in and around the royal palaces.
Vårbudgeten_ 4,5 miljarder till nya satsningar i regeringens budget _ Aftonbladet
 
Million profit for the royal children's company - for the 10th consecutive year
Crown Princess Victoria, Prince Carl Philip and Princess Madeleine once again make a million profit in their company Gluonen.
The company, which invests in Swedish securities, made a profit of just over SEK 1.4 million after tax last year.
This comes after the record profit in 2017 of just over SEK 3.2 million.
Gluonen AB is an asset management company owned by the royal family. The capital was already given to the children of the king as small, about 35 years ago, as a gift from the king.
- Today, the royal children each own about 32 percent. The king and queen still own a few percent, says Jan Lindman, Court Treasurer and CEO of Gluonen.
The Gluonen Board of Directors is tasked with managing the money for the family in the long term through long-term investments in, above all, the Swedish stock market.
The royal children's share portfolio is currently worth more than SEK 35 million (calculated July 22, 2019). The equity portfolio is characterized by well-known Swedish companies and brands and has a low risk profile. Among the central companies are Investor, Sandvik, Volvo and Atlas Copco.
After the big record year 2017, Jan Lindman describes last year as a middle year.
- The general index fell by a few percent, and it was the first time in seven years that the stock market actually fell. In the last quarter, the market fell quite sharply, but that it is going down a few years or two lies in the cards, we expect. It is the long-term development that counts.
Although the market went down slightly, Lindman is pleased with the result for 2018. The company reports a million profit for the 10th consecutive year.
The Royal children never pay out any dividends, but the money is reinvested in the company.
- It is long-term savings, and therefore no dividend has been paid out during my ten years in the company, says Jan Lindman.
Miljonvinst i kungabarnens företag – för tionde året i rad
 
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