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Nobel Prize cash reward increases, 2023 winners to get additional $1 million

September 16, 2023 3:26 PM IST

Nobel Prize | Nobel prize winners | reward money | Nobel Foundation

In a significant move, the Nobel Foundation, responsible for overseeing the prestigious Nobel Prizes, has announced a raise in the monetary awards presented to this year’s esteemed recipients. According to the statement released by the Foundation, this year’s Nobel Prize winners will receive an additional 1 million Swedish crowns, bringing the total monetary reward to 11 million Swedish crowns, equivalent to $986,000 (8.1 crore rupees).

The prize money has undergone fluctuations in recent years, and the organizers have chosen to raise the amount for this year to better align with the Foundation’s improved financial position. In 2012, the prize money was reduced from 10 million crowns to 8 million, but it was subsequently increased to 9 million in 2017 and reached 10 million in 2020, returning to its pre-2012 level.

Over the past ten years, the Swedish crown has experienced a depreciation of approximately 30% against the euro. As a result, the recent rise in the Nobel Prize’s value may not significantly enhance the financial standing of laureates residing outside of Sweden. In 2013, these prestigious awards, which have been recognizing accomplishments in science, literature, and peace since their inception in 1901, were equivalent to approximately 1.2 million dollars in value, despite the reduction in the sum denominated in Swedish crowns to 8 million.

The Nobel Prize in Physiology or Medicine, the first of the 2023 honours, is set to be revealed on October 2nd, followed by announcements in the fields of Physics, Chemistry, Literature, and Peace in the days to come. These announcements are expected to engage a worldwide audience, with people from around the globe eagerly anticipating and celebrating the remarkable accomplishments of individuals across diverse disciplines.

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