MADRID — With Spain mired in an economic slump, many Spaniards are questioning their king, long revered for his role in bringing democracy to the nation but now being scrutinized for his deluxe lifestyle and opaque fortune.

An accident this spring, when the king broke his hip while elephant hunting in Botswana, exposed a rarefied world of business contacts and set off an unusual public outcry over why the Spanish monarch, Juan Carlos I, was off on a pricey African safari during a time of national hardship.

The episode led to an unusual royal apology, but the collateral damage has left the king, 74, recalibrating his monarchy. He has stepped up his public appearances, embracing his role as an international business booster and conciliator amid rising fury over government-imposed austerity measures intended to help shore up confidence in the country’s finances.

“The monarchy will continue as long as the people want a monarchy,” the king said on a swing through New York last week, part of a palace strategy to meet with top opinion makers to help promote confidence in Spain.