London: Spanish King Juan Carlos earns 244,000 pounds (about $377,000) a year, according to Spain's royal palace which released a breakdown of the royal family's finances for the first time Wednesday. His son, crown Prince Felipe, earns roughly half of that amount.

The palace said that of the monarch's gross income, just under half was personal salary and the rest was designated for expenses. The king pays 40 percent in tax on the total sum.

Queen Sofia and the princesses Cristina, Elena and Letizia receive 370,000 euros (about 309,800 pounds) between them, while Felipe earns 146,375 euros.

The palace is assigned an annual budget by parliament. It totalled 8.4 million euros in 2011.

The royal family promised recently to release the information as part of the king's commitment to making his household's accounts transparent. The figures were posted on the palace website.