Nobel prize sum reduced

Culture | 2012-06-13
The international financial crisis and the fall on the stock exchanges also have effect on the Nobel Prize. The prize sum is cut from SEK 10 million to SEK 8 million.

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Tags: Nobel Prize

The Nobel money is invested in many different ways to spread the risks. Nobel's will says it shall be invested in “safe investments” and originally everything was put in government securities. Since the 1950s, a part of the sum is invested on the stock market. This has in general been a good investment but during the last five years, the total sum has fallen from SEK 3.7 billion to SEK 2.9 billion.

The prize sum is now on the same level as when the first prize was awarded in 1901 (in relative monetary value) said Lars Heikensten, president of the Nobel foundation to the daily newspaper Svenska Dagbladet (SvD). The sum was raised in the late 90s when the markets were booming.

“As long as the prize sum is above USD 1 million, I do not think the Nobel Prize as a brand will be damaged said Olle Wästberg former director general for the Swedish Institute to SvD.

Also the costs for the yearly Nobel banquette will be reduced but this will not affect the celebrations too much according to Heikensten.


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