The Nobel Foundation said that it will increase the winning prize for this year’s Nobel Prizes by 1 million kronor ($90,000) to 11 million kronor ($986,270) as the Swedish currency has declined recently.
The organization said in a brief statement, “The Foundation has chosen to increase the prize amount because it is financially viable to do so.” The first Nobel Prize was awarded in 1901, the winning amount at that time was 150, 782 kronor per category, the foundation said.
An equivalent of 84,000 euros is set to be added to each category award amount, which means that this year’s laureates will receive 924,000 euros (11 million Swedish krona).
In the more than 100-year history of the Nobel Prize, this rise in the award amount is said to be the most valuable.
Over the last decade, the cash award has been adjusted several times. In 2012, the cash award was brought to 8 million kronor from 10 million kronor as a measure to strengthen the Nobel Foundation’s finances. The foundation raised the amount from 8 million kronor to 9 million kronor in 2017 and was later increased to 10 million kronor in 2020. However, the amount increased gradually towards the end of the decade.
“At the end of 2022, the market value of the capital invested by the Nobel Foundation reached 5.799 billion krona,” said the foundation. When several winners share a prize, they also share the cash award.
The Nobel Foundation governs the fortune of the Swedish dynamite inventor and the founder of the Nobel Prizes Alfred Nobel, who reserved most of his wealth to be given as prizes in his name. In 1985, a will was drawn donating 31.5 million krona to the foundation, which equals 151 million euros today.
Every year the organization gives away awards in the categories of peace, chemistry, medicine, physics, literature, and more recently included economic sciences.
The winners of this year’s Nobel Prize will be announced in early October. The laureates will receive their awards at the prize ceremonies on December 10, the death anniversary of the award founder Alfred Nobel.
As per Nobel’s wishes, the prestigious awards will be given in Oslo, while the other award-giving ceremonies will be organized in Stockholm.