The organization announced that it would be supplementing each category’s prize fund with approximately 84,000 euros, resulting in a total prize of 924,000 euros for the 2023 winners.
The Nobel Foundation revealed on Friday that the monetary reward for each Nobel Prize, to be awarded next month, will rise to almost one million euros.
The organization announced an addition of 84,000 euros to each category’s prize fund, resulting in 924,000 euros (equivalent to 11 million Swedish krona) for the 2023 laureates. This boost in prize money marks the most significant cash award in the Nobel Prize’s century-long history. Over the past decade, the prize money has fluctuated, with the foundation reducing funds in 2012 but gradually increasing the award in the later part of the decade.
Additionally, it’s worth noting that the Nobel Foundation has withdrawn invitations to the prize ceremony for Russia, Belarus, and Iran.
The organization stated that they have decided to increase the prize money because it is financially feasible to do so. They explained that by the end of 2022, the market value of the capital invested by the Nobel Foundation had reached 5.799 billion krona.
When multiple laureates are awarded a prize, they divide the cash award among themselves. The Nobel Foundation oversees the management of the wealth left by Alfred Nobel, the Swedish dynamite inventor, who designated the majority of his fortune for awards to be presented in his honor.
In his 1895 will, Nobel entrusted a total of 31.5 million krona to the foundation, which is equivalent to approximately 151 million euros today. Each year, the organization awards prizes in categories such as peace, chemistry, medicine, physics, literature, and more recently, economic sciences.