Nobel Foundation to increase cash prize by nearly a million euros from this year; check details

By Team Newsable | First Published Sep 16, 2023, 5:02 PM IST

In the previous decade, the prestigious organization had taken steps to curb expenditure due to a declining income stream. There were even contemplations of seeking charitable donations to bolster its endowment.

The Nobel Foundation, known for its philanthropic endeavors, has opted for a significant increase in the cash prizes awarded to Nobel laureates. This strategic move comes on the heels of the foundation's noticeable economic resurgence, marking a shift from earlier austerity measures.

Entering the previous decade, the prestigious organization had taken steps to curb expenditure due to a declining income stream. There were even contemplations of seeking charitable donations to bolster its endowment. However, the latter part of the decade witnessed a gradual reversal of this trend.

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In the latest development, the Nobel Foundation has unveiled plans to augment the cash prize sum for each Nobel category by a substantial 84,000 Euros. This substantial raise stands as the most significant increase in the foundation's illustrious century-long history.

Nobel Foundation in a statement said, “The Foundation has chosen to increase the prize money because it is financially viable to do so. At the end of 2022, the market value of the capital invested by the Nobel Foundation reached 5.799 billion krona.”

The Nobel Foundation has been successfully awarding Laureates from the branches of chemistry, medicine, physics, literature, peace, and more recently economic sciences on an annual basis. In 2022, many human rights groups from Eastern Europe were awarded the Nobel Peace Prize for their efforts in the otherwise authoritarian regimes.

The 2023 Nobel Prize winners will get an 84,000 Euros increase in their cash prize. The total prize money will be 924,000 Euros (11 million Swedish krona). The Nobel Foundation was founded by Alfred Nobel who transferred all his fortune to the foundation for prizes to be given in his name.

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