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Nobel Prize Winners to Receive Additional $110,000

Nobel Prize Winners to Receive Additional $110,000

Saturday, 26 September, 2020 - 06:00
A medal of Alfred Nobel is pictured prior to the beginning of a press conference to announce the winner of the 2017 Nobel Prize in Medicine on October 2, 2017 at the Karolinska Institute in Stockholm. AFP PHOTO / Jonathan NACKSTRAND

Winners of the prestigious Nobel prizes this year will receive an extra 1 million crowns ($110,000), the head of the foundation which oversees the awards said on Thursday. Prize money will increase to 10 million crowns this year, daily Dagens Industri reported.

Dynamite inventor Alfred Nobel left around 31 million crowns - about 1.8 billion crowns in today's money according to the Foundation - to fund the prizes, which have been awarded since 1901.

According to Reuters, the prize amount has varied over time, starting at 150,000 crowns and reaching 1 million crowns in 1981.

The value rose sharply in the 1980s and 1990s, jumping to 9 million crowns in 2000 and 10 million a year later. But the global credit crunch of 2008-2009 hit the Foundation's investments and Heikensten, a former central bank chief, was brought in to get its finances in order. The prize money was cut to 8 million crowns in 2012 only to rise again to 9 million in 2017.

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