The Nobel Foundation has declared that the monetary reward for each Nobel Prize, set to be conferred next month, will see a substantial increase to almost one million euros. The organization announced that it will be adding 84,000 euros to the prize amount in each category. This means that the laureates of 2023 will receive a total of 924,000 euros (equivalent to 11 million Swedish krona).
This augmentation establishes the cash award as the highest in value in the history of the Nobel Prize, spanning over a century. The prize money has seen fluctuations over the past decade, with the foundation initially tightening its financial reins in 2012, gradually augmenting the award towards the end of the decade.
The organization stated, “The Foundation has chosen to increase the prize money because it is financially viable to do so.” It further mentioned that by the end of 2022, the capital invested by the Nobel Foundation had reached a market value of 5.799 billion krona.
In cases where multiple individuals share a prize, they also divide the cash award. The Nobel Foundation is responsible for overseeing the wealth left by Alfred Nobel, the Swedish inventor of dynamite, who allocated a significant portion of his fortune to prizes bearing his name.
As per a will penned in 1895, the total sum entrusted to the foundation was 31.5 million krona, which is equivalent to 151 million euros in today’s currency. Each year, the organization bestows awards in fields including peace, chemistry, medicine, physics, literature, and more recently, economic sciences.
