Nobel Prize 2023: How Much Prize Money Will This Year's Winners Receive?

Vanya Gautam
Vanya Gautam
Updated on Oct 03, 2023, 13:01 IST- 4 min read
Nobel Prize 2023- How Much Prize Money Will This Year's Winners Receive

The Nobel Prize announcements for this year have begun, with the Nobel Prize in Physiology or Medicine awarded to?Katalin Karikó and Drew Weissman?for their discoveries concerning nucleoside base modifications that enabled the development of effective mRNA vaccines against COVID-19.

This is the first of this year's prizes announced on October 2. But how much do the winners get as prize money? Let's find out.

How Much Prize Money Will Nobel Prize 2023 Winners Get?

nobel-prize AP/alamy

The winners of this year's Nobel Prizes will get an extra 1 million crowns, taking the total financial reward to 11 million Swedish crowns ($986,000), the Nobel Foundation, which administers the awards, announced last month. As per Reuters, the prize money has been adjusted up and down in recent years and the award-givers said it was increasing the amount this year to reflect the Foundation's stronger financial position.

In 2012, prize money was reduced from 10 million crowns to 8 million as the Foundation looked to shore up its finances. The prize amount was increased to 9 million in 2017 and in 2020 to 10 million - where it was prior to 2012.?Over the last decade, however, the Swedish crown has lost around 30% of its value against the euro meaning the most recent increase in the value of the prize won't leave winners outside Sweden feeling much richer.?In 2013, the prizes for achievements in science, literature and peace - which were first awarded in 1901 - were worth around 1.2 million dollars, despite the cut in the Swedish currency sum to 8 million crowns.

Also Read:?How A?Science?Genius Lost Millions In The?Stock?Market

Where Does Nobel Prize Money Come From???

nobel prize AP

Have you ever wondered?where this?prize money?comes from??It all dates back to 1895, just a year before Swedish scientist Alfred Nobel breathed his last. On November 27, 1895, Nobel signed his third and last will at the Swedish-Norwegian Club in Paris.?

After his death, when the will was opened, it caused a lot of controversies both in Sweden and internationally, because Nobel had left much of his wealth for the establishment of this Nobel prize. Even his family opposed the establishment of this Nobel Prize and, in fact, the prize awarders he had named refused to do what he had requested in his will. Fortunately, after five years, the first Nobel prize was awarded in the year 1901.

Now coming to the prize money. As per A. Nobel’s will, all of his remaining realizable assets are to be disbursed as follows?- the capital, converted to safe securities by his executors, is to constitute a fund, the interest on which is to be distributed annually as prizes to those who, during the preceding year, have conferred the greatest benefit to humankind.?

The interest is to be divided into five equal parts and distributed as follows: one part to the person who made the most important discovery or invention in the field of physics; one part to the person who made the most important chemical discovery or improvement; one part to the person who made the most important discovery within the domain of physiology or medicine; one part to the person who, in the field of literature, produced the most outstanding work in an idealistic direction; and one part to the person who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses.?

Summing this up, the?Nobel Prize?comes from the majority of the fortune left by Alfred Nobel, which was left for the establishment of this prize. The fortune left by Nobel, as per his will, was converted into a fund and invested in ‘safe securities’, against which interest is earned and used to give away as prize money to the winners every year.

Also Read:?How Much Do Guinness World Record Holders Get Paid?

Who Decides The Nobel Prize Winners?

nobel-prize-money editage

As per Alfred Nobel’s will itself, the prizes for physics and chemistry are to be awarded by the Swedish Academy of Sciences; for physiological or medical achievements by the Karolinska Institute in Stockholm; for literature by the Academy in Stockholm; and for champions of peace by a committee of five persons to be selected by the Norwegian Storting.?

Nobel also emphasised the importance of not giving any consideration to the recipient’s nationality, and that the prize be awarded to the worthiest person, whether or not they are Scandinavian.

For the latest and more interesting financial news, keep reading Indiatimes Worth.?Click here.

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