Nobel Foundation boosts prize amount

The Nobel Foundation of Sweden has confirmed that it will increase the value of its prestigious awards by 9% this year, reaching 12 million Swedish kronor (approximately $1.22 million) for each of the six prizes. This move aims to preserve the significance and flexibility of the awards over time. The prizes in the fields of Physics, Chemistry, Peace, Literature, Economics, and Medicine will be announced between October 5 and October 12, coinciding with the 125th anniversary of their founding. The awards were established according to the will of Alfred Nobel, the inventor of dynamite, whose Peace Prize was valued at 150,782 kronor when it was first awarded in 1901.

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