Nobel Prize award raised to nearly $1 million for 2023

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, said on Friday, Report informs, citing 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.