The Nobel Foundation has increased the prize money for the esteemed Nobel Prizes.
- Those honoured with the 2023 Nobel Prizes will now receive an additional 1 million crowns ($43,533). This means that the overall monetary prize will rise to a substantial 11 million Swedish crowns, or an impressive $986,000.
Key points
- When the first Nobel Prizes were awarded in 1901, the prize amount was 150,782 kronor per category.
- Back in 2012, the prize sum witnessed a reduction, declining from 10 million crowns to 8 million as the Foundation endeavoured to fortify its finances.
- In subsequent years, the prize was increased — in 2017, the prize value was increased to 9 million crowns, and then in 2020, it was raised to 10 million, thereby reinstating it to its pre-2012 level.
- On 10 December 1901 the first Nobel Prizes were awarded, in physics, chemistry, physiology or medicine, literature and peace.
- In 1968, Sveriges Riksbank (Sweden’s central bank) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize.
- This year’s Nobel Prize winners will be announced in early October. The laureates are then invited to receive their awards at prize ceremonies on December 10, the anniversary of award founder Alfred Nobel’s death in 1896.
- The prestigious peace prize is handed out in Oslo, according to Nobel’s wishes, while the other award ceremonies are held in Stockholm.
