2023 Nobel Prize winners to receive $1 million more
In a significant move, the Nobel Foundation announced that Nobel Prize winners will receive an additional 1 million Swedish krona ($90,000) this year, bringing the total financial reward per prize category to 11 million krona ($986,270). In an official release on Friday, the foundation also revealed that the primary reason for the increase in the reward is due to its stronger financial position.
Look back at changes in Nobel Prize winner's amount
The first Nobel Prizes were awarded in 1901, with each category receiving 150,782 krona. However, the amount has been adjusted numerous times over the past 15 years. While the foundation reduced the amount to 8 million kronor from 10 million kronor in 2012, the prize amount was increased from 8 million kronor to 9 million kronor in 2017 and again to 10 million kronor in 2020.
2023 Nobel Prize announcements awaited
The release also confirmed that this year's Nobel Prize winners will be announced on October 2. As per the news agency Associated Press (AP), the Peace Prize will be awarded on December 10 in Oslo, Sweden. Other award ceremonies will take place in Stockholm. Notably, the Nobel Prize is awarded for outstanding contributions to physics, physiology, chemistry, peace, and literature.
Sweden's battle against inflation
It is worth noting that the rapid depreciation of the Swedish krona has pushed it to its lowest ever against the United States dollar (USD) and the euro (EUR). PTI reported that the Scandinavian nation has been struggling with high inflation. Sweden's inflation rate was 7.5% in August, down from 9.3% in July and way off from the 2% target set by Sweden's central bank, Riksbank.
Swedish krona lost 30% value against the euro
To put things in perspective, the krona has lost roughly 30% of its value against the euro over the last decade. This means that the recent increase in the award value will not make recipients living outside of Sweden feel significantly wealthier. Nonetheless, to receive the prize, winners must be alive, and no more than three people can share a Nobel. Organizations can also win them; for example, the United Nations High Commissioner for Refugees has earned several Peace Prizes.
