The Nobel Foundation, which oversees the awards, announced on Friday that the recipients of this year’s prizes will get an additional one million crowns, bringing their total monetary award to 11 million Swedish crowns ($986,000).
The prize money has fluctuated in recent years and this year’s award-givers claimed they were boosting it to reflect the Foundation’s stronger financial position.
As the foundation attempted to stabilize its finances, the prize money was decreased from 10 million crowns to 8 million crowns in 2012. In 2017, the prize sum was raised to 9 million, and in 2020 to 10 million – where it was prior to 2012.
The Swedish crown, however, has lost roughly 30% of its value against the euro over the past ten years, so the most recent boost in the prize’s value won’t make victors outside Sweden feel all that wealthy.
Despite a reduction in the Swedish currency total to 8 million crowns, the prizes for achievements in science, literature, and peace, which were first awarded in 1901, were worth roughly 1.2 million dollars in 2013.
The Nobel Prize in Physiology or Medicine will be announced on October 2, 2023, followed by Physics, Chemistry, Literature, and Peace on the following days.
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