The financial prize for the Nobel Peace Prize will be increased to roughly one million euros.

The financial prize for the Nobel Peace Prize will be increased to roughly one million euros.

The organization announced that it will increase the equivalent of 84,000 euros to each category’s prize pool, totaling 9,24,000 euros for the 2023 laureates.

The Nobel Foundation said Friday that the monetary payment for each Nobel Prize to be awarded next month will be increased to approximately one million euros.

The organization announced that it will boost the equivalent of 84,000 euros to each category’s prize pool, totaling 924,000 euros (11 million Swedish krona) for the 2023 laureates.

This increase makes the cash reward the most lucrative in the Nobel Prize’s more than 100-year history.

Over the previous decade, the prize money has fluctuated, with the foundation tightening its purse strings in 2012, but steadily increasing the amount towards the end of the decade.

“The Foundation has decided to increase the prize money because it is financially feasible,” the organization stated in a statement.

“By the end of 2022, the market value of the Nobel Foundation’s capital invested had reached 5.799 billion krona.”

When numerous winners share a prize, the financial reward is also shared.

The Nobel Foundation maintains the wealth of Alfred Nobel, the Swedish dynamite inventor who left the majority of his fortune to be awarded in his honor.

The entire value committed to the foundation in a will written in 1895 was 31.5 million krona, the equivalent of 151 million euros today.

Every year, the organization bestows awards in the fields of peace, chemistry, medicine, physics, literature, and, most recently, economic sciences.