Nobel Foundation raises prize amount to $1.22 million per category

The Swedish Nobel Foundation announced today that the monetary value of the Nobel Prizes will increase by 9 percent this year, reaching approximately $1.22 million for each of the six categories.

Hanna Stjärne, the Foundation’s Executive Director, stated in a statement: “By increasing the value of the Nobel Prize, we preserve its enduring significance and ensure that its monetary component retains its value over time.”

In this context, the laureates for this year’s prizes in physics, chemistry, peace, literature, economics, and medicine will be announced between October 5 and 12, marking the 125th anniversary of the first awarding of the prizes.

It is worth noting that all Nobel Prizes are traditionally awarded in the Swedish capital, Stockholm, while the Peace Prize is presented separately in Oslo, Norway.