Nobel Foundation revises prize money by a million kronor
By Team Newsable | First Published Sep 15, 2023, 4:57 PM ISTThe Nobel Foundation has announced an increase in the award amount for the upcoming Nobel Prizes, citing the recent depreciation of the Swedish currency. The prize money will rise by 1 million kronor ($90,000) to a total of 11 million kronor ($986,270).
The Nobel Foundation declared on Friday its decision to enhance the award sum for the upcoming Nobel Prizes by 1 million kronor ($90,000), elevating it to 11 million kronor ($986,270). This increase is attributed to the recent depreciation of the Swedish currency, as stated in a concise announcement by the foundation.
The Swedish currency has experienced a rapid decline, reaching its historically lowest levels against both the euro and the U.S. dollar. Sweden has been grappling with significant inflation, registering 7.5 per cent in August, although it had slightly decreased from July's 9.3 per cent. This level of inflation is notably distant from the 2 per cent target established by the Riksbank, Sweden's central bank.
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When the inaugural Nobel Prizes were presented in 1901, the prize amount stood at 150,782 kronor per category, according to the foundation's historical account. Over the past 15 years, this amount has undergone several adjustments.
In 2012, it was curtailed from 10 million kronor to 8 million kronor as part of a comprehensive initiative to fortify the Nobel Foundation's financial standing. Subsequently, in 2017, the prize sum was raised from 8 million kronor to 9 million kronor, and in 2020, it was elevated to 10 million kronor.
The forthcoming Nobel Prize laureates will be disclosed early in October, after which they will be cordially invited to partake in award ceremonies on December 10. This date marks the anniversary of the demise of Alfred Nobel, the founder of the Nobel Prizes, in 1896. As per Nobel's stipulations, the prestigious Peace Prize is presented in Oslo, while the remaining award ceremonies take place in Stockholm.
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