Nobel Prizes to carry greater cash value this year
STOCKHOLM: Winners of the coveted Nobel Prizes will receive more prize money this year after the Nobel Foundation bumped up the award from 11 million Swedish kroner (US$1.12 million) to 12 million (US$1.22 million), reported German Press Agency (dpa).
Nobel Prize money is taxable in the United States and many other countries, but it can be made tax-free if the winner assigns the money directly to charity before receiving it.
Named after their founder, the Swedish inventor Alfred Nobel, the Nobel Prizes have been awarded annually since 1901 – with few exceptions – in the categories of medicine, physics, chemistry, literature and peace.
Sweden's central bank, the Reichsbank, has also established a prize in economic sciences honouring Alfred Nobel.
The laureates are announced in early October each year, with the awards presented on December 10 – the anniversary of Nobel's death – at ceremonies in Stockholm and Oslo.
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