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.
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, Reuters reported.
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.
Over the last decade, however, the Swedish crown has lost around 30% of its value against the euro meaning the most recent increase in the value of the prize won't leave winners outside Sweden feeling much richer.
In 2013, the prizes for achievements in science, literature and peace - which were first awarded in 1901 - were worth around 1.2 million dollars, despite the cut in the Swedish currency sum to 8 million crowns.
The Nobel Prize in Physiology or Medicine is the first of this year's prizes and will be announced on Oct. 2 followed by Physics, Chemistry, Literature and Peace on the following days.