The Nobel Foundation increases about $90,000 to the financial prize awarded to winners

The Nobel Foundation announced on Friday that it will increase the prize money awarded to its laureates by one million Swedish kronor (approximately $90,000), bringing the total prize amount for each category to around one million dollars.

In a statement, the foundation noted that it has decided to "raise the amount awarded with the prizes because it is financially capable of doing so."

For the winners of the expected 2023 awards, which will be announced between October 2nd and 9th, the accompanying check they receive along with the prize will be worth eleven million Swedish kronor (approximately $980,000), making it the highest nominal value (in Swedish currency) in the history of the Nobel Prizes, which have been awarded for over a century.

The monetary value of the prizes awarded to the laureates has changed over the past decade, depending on the financial status of the foundation.

In 2012, the foundation, which manages the legacy of the Swedish inventor and founder of the prizes, Alfred Nobel, was forced to reduce its costs to restore its financial resources, leading to a reduction in the prize amount from ten to eight million Swedish kronor.

In 2017, the foundation managed to raise the prize value back to nine million kronor, and it reached ten million in 2020.

Typically, winners of one of the Nobel categories (Medicine, Physics, Chemistry, Literature, Peace, or the newly introduced Economics) equally share the prize money.


AFP