Sweden's Nobel Foundation said on Friday it will increase this year's prize money for its prestigious annual awards by 9% to a total value of 12 million Swedish crowns ($1.22 million) in each of the six categories, APA reports citing Reuters.
"By increasing the prize amount, we uphold the long-term significance of the Nobel Prize and ensure that the financial part of the prize retains its value over time," Hanna Stjarne, executive director of the Nobel Foundation, said in a statement.