The Nobel Prize Is Raised To Almost $1 Million

The Nobel Prize Awards have been awarded 615 times to 989 people and organizations between 1901 to 2022.

The Nobel Prize Awards is an international award administered by the Nobel Foundation in Stockholm, Sweden. It is based on the fortune of Alfred Nobel, a Swedish entrepreneur and inventor. The Nobel Prize categories were listed in Alfred Nobel’s will on November 27, 1895, one year before his death. These five categories are physics, chemistry, physiology or medicine, literature, and peace. However, a sixth prize was added in 1968, the Sveriges Riksbank prize in economic sciences, in memory of Alfred Nobel. Nobel’s will stated that prizes be awarded to “those who, during the preceding year, shall have conferred the greatest benefit to humankind.” 

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Young Alfred Nobel - Photo by Wikimedia Commons
A young Alfred Nobel / Photo via Wikimedia Commons

The Nobel Prizes have been awarded 615 times to 989 people and organizations since 1901. Moreover, every awardee will receive a medal, personal diploma, and cash award. Furthermore, each person or organization awarded the Nobel Prize is called a Nobel Prize laureate. According to the website, “the word laureate refers to being signified by the laurel wreath. In ancient Greece, laurel wreaths were awarded to victors as a sign of honour.” Here is the full list of all laureates from 1901 to 2022.

The Nobel Foundation

The Nobel Foundation is a private institution that was established in 1900. This foundation has the ultimate responsibility of fulfilling the intentions in Alfred Nobel’s will. In addition, its main mission is to manage Nobel’s fortune “in a manner that ensures a secure financial standing for the Nobel Prize over the long term. It also ensures that the prize-awarding institutions are guaranteed independence in their work of selecting recipients.”

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Alfred Nobel monument
Alfred Nobel monument / Photo via Wikimedia Commons

Furthermore, the foundation is responsible for strengthening the Nobel Prize’s position by administering and developing the brands and intangible assets that have been built up for more than 100 years. Outreach activities have already been developed over the last 20 years to inspire and create awareness about the Nobel Prize.

The Nobel Prize Awarding Institutions

Nobel designated the specific institutions in charge of the prizes in his last will and testament. These institutions are: The Royal Swedish Academy of Sciences for the categories of physics and chemistry; Karolinska Institutet for the the category of medicine or physiology; The Swedish Academy for the category of literature, and a committee of five individuals elected by the Norwegian Parliament (Storting) for the Nobel Peace Prize. The Royal Swedish Academy of Sciences was given the responsibility of selecting the laureates in economic sciences beginning in 1969.

The Prize Amount

The website states that the Nobel Foundation made a decision to increase the prize amount “to SEK 11 million per category.” This is equivalent to nearly $1 million. Furthermore, this “represents an increase of SEK 1 million per prize category compared to previous few years.” 

The prize amount in 1901 was SEK 150,782. In the last 15 years, several adjustments were made. The prize amount decreased from SEK 10 million to SEK 8 million in 2012. However, the prize amount was raised from SEK 8 million to SEK 9 million in 2017. Moreover, the amount was raised to SEK 10 million in 2020. This is followed by another increase to SEK 11 million for each prize category in 2023. The decision to raise the prize amount was based on the foundation’s financial viability.

The Announcements

The 2023 Nobel Prize announcements are happening between October 2 to 9, 2023. The announcements will also be live streamed at You can also watch live on Facebook, Twitter, and YouTube. Here are the specific schedules of the announcements.

Physiology or Medicine: October 2, 2023, 11:30 CEST at the earliest

Physics: October 3, 2023, 11:45 at the earliest

Chemistry: October 4, 2023, 11:45 at the earliest

Literature: October 5, 2023, 13:00 at the earliest

Peace: October 6, 2023, 11:00 CEST

Economic Sciences, October 9, 2023, 11:45

As per the website, each prize announcement will be live streamed on, as well as official digital channels, Facebook, Twitter, YouTube. Visit for more in-depth information. Stay tuned for updates on Instagram @nobelprize_org

Website featured photo via Wikimedia Commons. Facebook banner photo via Wikipedia Commons.

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