Prime Minister Robert Abela has declared he managed to save more than half his income last year despite the rising cost of living and the above-average lifestyle his family enjoys.

According to his latest declaration of assets tabled in parliament on Monday, Abela last year declared living only on his state salary of around €68,000 a year.

At the same time, his declaration of assets for 2022, compared to that of the previous year, shows the Prime Minister increased his bank savings and investments by approximately €32,000 in just 12 months.

While in 2021, on the same sole salary as Prime Minister, Abela declared having a total of €376,000 in bank deposits. A year later, with his income having remained unchanged, he declared having increased his total bank deposits to €388,567.

Abela also declared increasing his financial investments portfolio by some €20,000 through the purchase of new government stock last year.

This means that during 2022, on a gross salary of €68,000, Abela managed to increase his savings by a total of €32,567 – more than half his net income.

The Prime Minister’s latest declaration of assets was tabled in parliament on Monday.

The Prime Minister did not declare any additional income beyond his political remuneration. His wife, Lydia, who stopped working when her husband became Prime Minister, did not declare any income either.

The couple, who has one daughter attending a private school, also declared owning three properties, the same as in their last declaration.

These are their sea view penthouse and garage in Marsacala, a two-tumolo ODZ villa on the outskirts of Zejtun they are planning to have demolished and completely rebuilt, and a farmhouse in Xewkija that they have applied to convert into a seven-bedroom residence with internal pool, spa and gym.

The Abelas’ Xewkija farmhouse that is being converted into a seven-bedroom ‘residence’ with an internal pool, spa and gym.

The Abelas are known to spend their summers on an Azimut yacht estimated at around €300,000, which they keep berthed for long stretches at the Marina di Ragusa, owned by PAMA and PAVI supermarket magnate Paul Gauci.

Prime Minister Robert Abela stepping off his yacht in Sicily.

It is estimated the luxury yacht needs tens of thousands of euros annually for its upkeep and fuel costs. The declarations of assets show most of Cabinet’s bank savings shrunk last year.

Some, such as ministers Ian Borg and Silvio Schembri, invested in new ventures.

Borg invested in commercial premises in Dingli and doubled his outstanding loans to €541,000, while Silvio Schembri took a new €80,000 private loan for undeclared purposes. Schembri did not declare which financial institution or individual lent him the money.

Download the Cabinet’s declarations of assets here.