The Nobel Foundation has announced that the winners of this year's Nobel Prizes will get an extra one million crowns. This means that the 2023 laureates will receive a total financial reward of 11 million Swedish crowns which is equivalent to around 986,000 dollars (8.1 crore rupees). This increase has made this year's cash award the most valuable, to be handed out in the more than 100-year history of the Nobel Prize.

The prize money has been adjusted up and down in recent years. In 2012, the foundation reduced the prize money from 10 million crowns to 8 million in order to strengthen its finances. However, the award money was gradually increased back to 10 million crowns towards the end of the decade.  According to the award-givers, a further increase in the amount this year reflects the Foundation's stronger financial position.

This year's Nobel Prize winners will be announced next month. The laureates will be then invited to receive their awards at prize ceremonies on the 10th of December, which is the anniversary of award founder Alfred Nobel's death in 1896.  The prestigious Peace Prize is handed out in Oslo, while the other award ceremonies are held in Stockholm.