"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.

A bust of Alfred Nobel outside the Norwegian Nobel Institute, where the laureate of the Nobel Peace Prize is announced on Friday, in Oslo, Norway, Oct. 9, 2025. Photo by Reuters

Winners of this ‌year's ⁠prizes in physics, chemistry, peacemaking, literature, economics and medicine or physiology will be announced between Oct. 5 and 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.