Nobel Prize Money to be Reduced by 20%
Posted on June 18, 2012The Nobel Foundation has announced that the size of the Nobel Prize is being reduced by 20%. Each prize will receive 8 million Swedish kronor (about $1.1 million U.S.) instead of the previous 10 million SEK. The Nobel Foundation says it regards this as a necessary measure in order to avoid an undermining of its capital in a long-term perspective.
Lars Heikensten, executive director of the Nobel Foundation, says, "The Nobel Foundation is responsible for ensuring that the prize sum can be maintained at a high level in the long term. We have made the assessment that it is important to implement necessary measures in good time."