The Nobel Foundation has announced an increase in the prize money for the 2023 Nobel Prize winners. The total financial reward has been raised by an additional 1 million crowns, bringing the grand total to 11 million Swedish crowns, approximately $986,000.
This adjustment in prize money comes as a response to the Nobel Foundation’s improved financial position. Over the past years, the Nobel Prize award money has witnessed fluctuations. In 2012, it saw a reduction from 10 million crowns to 8 million as the Foundation aimed to strengthen its financial stability. However, subsequent years saw a positive trend, with an increase to 9 million in 2017 and a further bump to 10 million in 2020, reinstating it to the pre-2012 level.
It’s worth noting that while the prize money has risen, the Swedish crown’s value has experienced a decline of approximately 30% against the euro over the past decade. Consequently, while laureates within Sweden may benefit more from this increase, those located outside Sweden may not experience a significant windfall.
The Nobel Prize announcements for 2023 are eagerly anticipated. The Nobel Prize in Physiology or Medicine will kick off this year’s honors, with the announcement scheduled for October 2. Subsequent days will see the unveiling of laureates in Physics, Chemistry, Literature, and Peace.
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