Nobel Prize money will increase this year, with each winner receiving 12 million Swedish kronor instead of the previous 11 million, the Nobel Foundation has announced.
The rise takes the award from A$1.57 million to A$1.71 million. Nobel Prize money is taxable in the United States and many other countries, although winners can make it tax-free by assigning it directly to charity before receiving it.
The prizes, named after Swedish inventor Alfred Nobel, have been awarded annually since 1901, with a few exceptions. They recognise achievements in medicine, physics, chemistry, literature and peace.
A separate prize in economic sciences was established by Sweden’s central bank in Alfred Nobel’s honour.
The laureates are announced in early October each year. The awards are presented on December 10, the anniversary of Nobel’s death, at ceremonies in Stockholm and Oslo.
