Nobel Prize 2020 Winners To Receive Additional USD 1 Million; Foundation Hopes To Raise Amount In Years Ahead

The winners of the prestigious Nobel prizes this year will receive an extra 1 million crowns ($110,000) as the foundation finds itself in a better position to raise the amount of prize money.

Stockholm: The head of the Nobel Foundation announced on Thursday that the winners of the prestigious Nobel prizes this year will receive an extra 1 million crowns ($110,000). 

As per the report by news agency Reuters, the decision has been reached after the foundation found itself in a stable condition with respect to costs and capital. It hopes to continue raising the amount of the prize money "from time to time".

According to the Foundation, Dynamite inventor Alfred Nobel had left around 31 million crowns which are 1.8 billion crowns in today's money - to fund the prizes, which have been awarded since 1901.

The prize amount has been changed over the years, it began with 150,000 crowns - reaching 1 million crowns in 1981. The amount rose significantly in the 1980s and 1990s, getting up to 9 million crowns in 2000 and 10 million a year after.



But the global financial crisis of 2008-9 adversely affected the Foundation's investments. At that point, Heikensten, a former central bank chief, helped the foundation to get its finances in place.

The prize money was then cut to 8 million crowns in 2012 but later raised again to 9 million in 2017.

Heikensten will step down from the post at the end of this year. Former Norwegian foreign minister Vidar Helgesen will take his place.

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