In a significant development, the Nobel Foundation, the steward of the esteemed Nobel Prizes, has revealed an increase in the financial rewards accorded to this year's distinguished laureates.&nbsp;

Those honoured with the 2023 Nobel Prizes will now receive an additional 1 million crowns ($43,533). This means that the overall monetary prize will rise to a substantial 11 million Swedish crowns, or an impressive $986,000.&nbsp;

<h2>Why was the prize money increased?</h2>

As per Reuters, this decision underscores the stronger financial position of the Nobel Foundation.&nbsp;Over the years, the prize money has been adjusted up and down.

Back in 2012, the prize sum witnessed a reduction, declining from 10 million crowns to 8 million as the Foundation endeavoured to fortify its finances. In subsequent years, the prize was increased — in 2017, the prize value was increased to 9 million crowns, and then in 2020, it was raised to 10 million, thereby reinstating it to its pre-2012 level.

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However, the depreciation of the Swedish crown's value, which lost roughly 30 per cent of its value against the euro over the past decade, somewhat lessens the impact of these increments in prize value for international laureates.

Interestingly, the Nobel Prizes, which were originally established in 1901 to honour excellence in science, literature, and peace, boasted a monetary value of approximately 1.2 million dollars in 2013. This was despite a temporary reduction in the Swedish crown's prize sum to 8 million crowns during that period.

<h2>When will this year's Nobel Prizes be declared?</h2>

The Nobel Prize in Physiology or Medicine, the inaugural honour for 2023, is scheduled to be unveiled on October 2nd. Subsequently, the announcements in the fields of Physics, Chemistry, Literature, and Peace will be made in the ensuing days.&nbsp;

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These announcements are poised to captivate the global audience, and will be watched by people all around the world, celebrating the remarkable achievements of individuals in various fields.

(With inputs from agencies) 
&nbsp;

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In a significant development, the Nobel Foundation, the steward of the esteemed Nobel Prizes, has revealed an increase in the financial rewards accorded to this year's distinguished laureates.

In a significant development, the Nobel Foundation, the steward of the esteemed Nobel Prizes, has revealed an increase in the financial rewards accorded to this year's distinguished laureates. Those honoured with the 2023 Nobel Prizes will now receive an additional 1 million crowns ($43,533). This means that the overall monetary prize will rise to a substantial 11 million Swedish crowns, or an impressive $986,000. Why was the prize money increased? As per Reuters, this decision underscores the stronger financial position of the Nobel Foundation. Over the years, the prize money has been adjusted up and down. Back in 2012, the prize sum witnessed a reduction, declining from 10 million crowns to 8 million as the Foundation endeavoured to fortify its finances. In subsequent years, the prize was increased — in 2017, the prize value was increased to 9 million crowns, and then in 2020, it was raised to 10 million, thereby reinstating it to its pre-2012 level. Also read | Watch | CCTV footage shows security agents stealing items from bags at airport However, the depreciation of the Swedish crown's value, which lost roughly 30 per cent of its value against the euro over the past decade, somewhat lessens the impact of these increments in prize value for international laureates. Interestingly, the Nobel Prizes, which were originally established in 1901 to honour excellence in science, literature, and peace, boasted a monetary value of approximately 1.2 million dollars in 2013. This was despite a temporary reduction in the Swedish crown's prize sum to 8 million crowns during that period. When will this year's Nobel Prizes be declared? The Nobel Prize in Physiology or Medicine, the inaugural honour for 2023, is scheduled to be unveiled on October 2nd. Subsequently, the announcements in the fields of Physics, Chemistry, Literature, and Peace will be made in the ensuing days. Also read | Police arrests neo-Nazi man for hanging swastikas, racist messages from Orlando bridge These announcements are poised to captivate the global audience, and will be watched by people all around the world, celebrating the remarkable achievements of individuals in various fields. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Nobel Prize money increased: 2023 laureates to receive additional $43,000

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Nobel Prize money increased: 2023 laureates to receive additional $43,000