The value of the 2023 Nobel Prize has increased sharply compared to last year.

This year's Nobel laureate will receive a prize of 11 million Swedish crowns ($986,000), an increase of one million Swedish crowns from last year.

Nobel scholars attend the award ceremony with the Swedish royal family on December 10, 2022. Photo: Reuters — Nobel scholars attend the award ceremony with the Swedish royal family on December 10, 2022. Photo: *Reuters*

According to the Nobel Foundation, the value of the Nobel Prize in recent years has been adjusted up or down depending on the financial situation of the foundation. This year, the foundation decided to increase the value of the prize thanks to its stronger financial situation, according to Reuters .

In 2012, the prize was reduced from 10 million crowns to 8 million crowns due to the need for the Nobel Foundation to consolidate its finances. It was then increased to 9 million crowns in 2017 and 10 million crowns in 2020, returning to pre-2012 levels. However, over the past decade, the Swedish crown has lost about 30% of its value against the euro, meaning the recent increase in prize value is not as significant for laureates living in other countries. In 2013, the science, literature and peace prizes were worth the equivalent of $1.2 million, even though the prize was only 8 million crowns.

The Nobel Prize in Physiology or Medicine is scheduled to be the first prize announced this year at 4:30 p.m. on October 2. The Nobel Prizes in Physics, Chemistry, Literature, Peace, and Economics will be announced in the following days. Among the Nobel Prizes, the Physics, Chemistry, Literature, and Economics prizes are decided by the Royal Swedish Academy of Sciences; the Medicine Prize is decided by the Nobel Committee of the Karolinska Institute; and the Peace Prize is decided by the Nobel Committee of the Norwegian Parliament.

The Nobel Prize is an international award established by the Nobel Foundation in Stockholm in 1901 based on the estate of Alfred Nobel, a Swedish inventor and businessman. The prize is awarded annually to individuals and organizations with outstanding contributions in the fields of Medicine, Chemistry, Physics, Literature, and Peace. In 1968, the Swedish Central Bank established the Bank of Sweden Prize in Economic Sciences in Memory of Nobel, also known as the Nobel Prize in Economics.

Each award consists of a medal, a personal diploma and a cash prize. Between 1901 and 2022, the prize has been awarded 615 times to 989 individuals and organizations around the world.

An Khang (According to Reuters )

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