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September 25, 2020

Nobel Prize Money increased : Winners to get $1.1 Million Raise

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The head of the Nobel Foundation, Lars Heikensten today announced that the organization has decided to increase the Nobel Prize money to an extra 1 million crowns ($110,000) from this year. So the winners of this year Nobel Prizes 2020 will get 10 million crowns (around 8 crores) as prize money.
Earlier the prize money used to be 10 million Swedish kronor  (US$1.4 million). Later in June 2012, it was reduced to 8 million SEK, when the foundation launched a programme to improve its finances. 

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. 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 in the year 2001.

"The work done in recent years to strengthen the Nobel Foundation's financial standing has made it possible to increase the prize sum," the Nobel foundation announced in a statement after the increment.

This year's Nobel prizes 2020 in the fields of medicine, physics, chemistry, literature, peace and economics will be announced from 5th October 2020 to 9th October 2020. 

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