Nobel Foundation raises prize money for each award to $1.2 million

Sweden's Nobel Foundation ​said on ​Friday it will ‌increase this ​year's prize money for its prestigious annual awards by 9% ‌to a total value of 12 million Swedish crowns ($1.22 million) in each of the six categories. "By increasing ‌the prize amount, we uphold the long-term significance ‌of the Nobel Prize and ensure that the financial part of the prize retains its value over ⁠time," ​Hanna Stjarne, executive ⁠director of the Nobel Foundation, said in a ⁠statement.

Winners of this year's prizes in physics, chemistry, peacemaking, ​literature, economics and medicine or physiology will be ⁠announced between October 5 and October 12, marking the 125th ⁠anniversary ​of the first awards. Established in the will of Swedish 19th century businessman Alfred ⁠Nobel, the inventor of dynamite, the first awards in ⁠1901 were ⁠for 150,782 crowns per category, according to the foundation.

($1 = 9.8219 Swedish crowns)