Hanna Stjern, Director of the Nobel Foundation's Executive Board, announced that in connection with the 125th anniversary of the Nobel Prizes, the prize capital fund will be increased by one million kronor.
The Foundation emphasized that this increase is aimed at maintaining the long-term significance of the prize and ensuring that the financial component 'retains its value over time.'
Previously, the monetary award has been adjusted several times over the last fifteen years. In 2012, it was reduced from ten to eight million Swedish kronor as part of a program to strengthen the foundation's finances.
The institution recalled that the capital fund has been increased three times since then.
The Nobel Prizes are awarded in six fields: medicine or physiology, physics, chemistry, literature, peace, and economics. Furthermore, the latter category was established not by the prize's creator, Alfred Nobel, but by the Swedish Bank in 1968, on the 300th anniversary of his foundation.
The announcement of this year's laureates will take place between October 5 and 12.