Copenhagen, Sept. 19 (SANA) The Swedish Nobel Foundation announced on Friday that it will increase the financial prize value of its prestige awards this year by nine percent to reach 12 million Swedish kronor ($1.22 million) for each of the six categories.
“By increasing the prize amount, we uphold the long-term significance of the Nobel Prize and ensure that the financial part of the prize retains its value over time,” Hanna Stjarne, executive director of the Nobel Foundation, said in a statement to Reuters.
The Foundation noted that the awards—established under the will of 19th-century Swedish inventor Alfred Nobel—were valued at 150,782 kronor per prize when first awarded in 1901.
Laureates in Physics, Chemistry, Peace, Literature, Economics, and Medicine will be announced between Oct. 5 and Oct. 12, marking the 125th anniversary of the inaugural prize distribution.
The Nobel Foundation oversees the management of Alfred Nobel’s financial estate to ensure appropriate funding for the annual awards.
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