Nobel Foundation raises prize money for each award to $1.2mn

Sweden's Nobel Foundation said on Friday it will increase this year's prize money for its prestigious annual awards by 9 percent to a total value of 12 million Swedish crowns ($1.22 million) in each of the six categories.

"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 Oct 5 and Oct 12, marking the 125th anniversary of the first awards.

Established by the will of Swedish 19th-century businessman Alfred Nobel, the inventor of dynamite, the first awards in 1901 were worth 150,782 crowns per category, according to the foundation.

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