Nobel Prize Winners to Receive Increased Financial Reward in 2023..

In recent years, the Nobel Prize's monetary value has experienced fluctuations.

Maheswara Rao Nadella | Published On: Sep, 15, 2023 | 04:28 PM

Nobel Prize Winners to Receive Increased Financial Reward in 2023..

The Nobel Prize, one of the most prestigious awards in the world, is set to become even more enticing for this year’s winners. The Nobel Foundation recently announced that the laureates of the 2023 Nobel Prizes will receive an extra 1 million Swedish crowns, pushing the total financial reward to 11 million Swedish crowns, which equates to approximately $986,000. This increase in prize money is a reflection of the Nobel Foundation’s improved financial standing.

In recent years, the Nobel Prize’s monetary value has experienced fluctuations. In 2012, the prize money was reduced from 10 million crowns to 8 million as the Foundation sought to stabilize its finances. However, in 2017, the prize amount was increased to 9 million crowns and then further raised to 10 million in 2020, where it stood before the 2012 reduction.

One significant factor impacting the prize’s value is the fluctuation of the Swedish crown against other currencies. Over the last decade, the Swedish crown has depreciated by around 30% against the euro. Consequently, while the increase in prize money may seem substantial, it may not necessarily leave Nobel laureates outside Sweden feeling significantly richer.

To put this into perspective, back in 2013, the Nobel Prizes in various categories, including science, literature, and peace, were worth approximately 1.2 million dollars despite the reduction in the prize’s Swedish currency sum to 8 million crowns.

The Nobel Prizes, which have been awarded since 1901, cover various fields, including Physics, Chemistry, Physiology or Medicine, Literature, and Peace. The announcement of the 2023 Nobel Prize in Physiology or Medicine is scheduled for October 2nd, kicking off this year’s prestigious awards. Subsequent announcements for the Nobel Prizes in Physics, Chemistry, Literature, and Peace will follow in the coming days.

This increase in the Nobel Prize’s financial reward not only reflects the Foundation’s improved financial situation but also underscores the continued importance and recognition of outstanding contributions to science, literature, and peace on a global scale. Nobel laureates, who have historically made groundbreaking advancements and contributions to humanity, will undoubtedly continue to be motivated by the honor and recognition that comes with this esteemed award, regardless of the prize’s monetary fluctuations.