“The decision has been made as our costs and capital are in a stable relation in a completely different way than previously,” the head of the Nobel Foundation, Lars Heikensten, told the paper.
Dynamite inventor Alfred Nobel left about 1.8bn kronor (R3.38bn) 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 kronor and reaching 1m kronor in 1981.
The value rose sharply in the 1980s and 1990s, jumping to 9m kronor (R16.8m) in 2000 and 10m a year later.
But the global credit crunch of 2008-9 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 8m kronor (R15m) in 2012, only to rise again to 9m kronor in 2017.
Heikensten, who steps down at the end of this year to be replaced by former Norwegian foreign minister Vidar Helgesen, said the foundation would continue to raise the amount of the prize money “from time to time”. — Reuters
Nobel winners to get $110,000 raise as prize money increased
Winners of the Nobel prizes this year will receive an extra 1m kronor (R1.88m), the head of the foundation which oversees the awards said on Thursday.
Prize money will increase to 10m kronor (R18.8m) for 2020, the daily Dagens Industri reported.
“The decision has been made as our costs and capital are in a stable relation in a completely different way than previously,” the head of the Nobel Foundation, Lars Heikensten, told the paper.
Dynamite inventor Alfred Nobel left about 1.8bn kronor (R3.38bn) 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 kronor and reaching 1m kronor in 1981.
The value rose sharply in the 1980s and 1990s, jumping to 9m kronor (R16.8m) in 2000 and 10m a year later.
But the global credit crunch of 2008-9 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 8m kronor (R15m) in 2012, only to rise again to 9m kronor in 2017.
Heikensten, who steps down at the end of this year to be replaced by former Norwegian foreign minister Vidar Helgesen, said the foundation would continue to raise the amount of the prize money “from time to time”. — Reuters
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