Nobel winners to get $110,000 more as prize money increased

The prestigious Nobel prizes Winners will receive an extra 1 million crowns ($110,000) this year.

Daily Current Affairs Quiz 2020

Key-Points

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 a year later.

But the global credit crunch of 2008-9 hit the Foundation’s investments. The prize money was cut to 8 million crowns in 2012 only to rise again to 9 million in 2017.

The Nobel Foundation is a private institution founded in 1900 to manage the finances and administration of the Nobel Prizes. The Foundation is based on the last will of Alfred Nobel, the inventor of dynamite. It is headquartered in Stockholm, Sweden.