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, Reuters reports.
"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.
Winners of this year's prizes in physics, chemistry, peacemaking, literature, economics and medicine or physiology will be announced between October 5 and October 12, marking the 125th anniversary of the first awards.
Established in the will of Swedish 19th century businessman Alfred Nobel, the inventor of dynamite, the first awards in 1901 were for 150,782 crowns per category, according to the foundation.
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