Nobel Prize awards amount increased to over 8 crore for 2023
By MYBRANDBOOK
As the Swedish currency has plummeted recently, the Nobel Foundation will raise the award amount for this year's Nobel Prizes by 1 million kronor (USD 90,000) to 11 million kronor (USD 986,270).
"The Foundation has chosen to increase the prize amount because it is financially viable to do so,” it said in a brief statement.
The Swedish krona has dropped to its all-time low against the euro and the US dollar as a result of the swift depreciation. Sweden has struggled with high inflation; it was 7.5% in August, down from 9.3% in July, and well above the Riksbank, Sweden's central bank, target of 2%.
The first Nobel Prizes were given out in 1901, and each category received a prize of 150,782 kronor. The amount has changed multiple times over the last 15 years. It was decreased from 10 million kronor to 8 million kronor in 2012 as part of a broad initiative to enhance the Nobel Foundation's finances. The award was increased from 8 million to 9 million Swedish kroner in 2017. It was increased to 10 million kronor in 2020.
This year's Nobel Prize winners will be announced in early October. The laureates are then invited to receive their awards at prize ceremonies on December 10, the anniversary of award founder Alfred Nobel's death in 1896.
The prestigious peace prize is handed out in Oslo, according to Nobel's wishes, while the other award ceremonies are held in Stockholm. Sweden is not part of the eurozone. Twenty years ago, Swedes held a referendum on whether to join the European currency and voted against it.
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