The Nobel Prize award money has increased once again.

According to a CCTV News report, the 2026 Nobel Prize winners will be announced from October 5 to 12.

The Nobel Foundation has decided to raise each Nobel Prize award by 1 million Swedish kronor this year, bringing the total to 12 million Swedish kronor (approximately 8.15 million yuan).

The Nobel Museum in Stockholm.

As early as 2023, the per-category Nobel Prize amount had already risen from 10 million Swedish kronor to 11 million Swedish kronor, and this year it sets a new record high once again.

Over the past 125 years, the Nobel Prize has been awarded to more than 1,000 laureates.

Despite the ever-increasing amounts, the prize money has not run out 鈥?on the contrary, it has grown even larger.

An increase of more than 200-fold

In 1895, the Swedish chemist Nobel, then aged 63, drew up a will establishing the Nobel Prize with his life savings, to honor those who have made outstanding contributions to humanity.

He passed away the following year.

It was not until June 29, 1900, that the Nobel Foundation was formally established with the approval of the Swedish parliament; and in 1901, the Nobel Prize was awarded for the first time.

The initial funds donated by Nobel in his will amounted to only about 31 million Swedish kronor.

That sum alone was clearly insufficient to support awards to more than 1,000 people over more than 100 years.

However, thanks to the Nobel Foundation's successful financial management and operations over more than a century, according to its 2025 annual report, as of the end of 2025, the Nobel Foundation's assets had reached 6.744 billion Swedish kronor 鈥?more than 200 times the initial capital.

At the same time, the Nobel Prize award amounts have continued to rise.

The first laureates in 1901 received 150,000 Swedish kronor each.

In 2020, the per-category Nobel Prize amount was increased to 10 million Swedish kronor.

Starting from 2023, the per-category Nobel Prize amount rose to 11 million Swedish kronor, and this year it has been further raised to 12 million Swedish kronor.

Today, the Nobel Prize is not only the world's most renowned award, but also one of the most successfully managed investment funds in human history.

Medals on display at the Nobel Museum.

Why does it keep paying out more?

In fact, the Nobel Foundation's investments were initially quite conservative, mainly in low-risk products such as government bonds.

As a result, during the first 50 years after the Nobel Prize was established, the Foundation's investment returns generally averaged only 2%-3%.

This single-asset investment strategy made the Nobel Foundation's finances increasingly tight.

Combined with currency depreciation, inflation, and other factors, by 1945, the real purchasing power of the per-category award had shrunk by more than 70% compared to 1901.

The turning point came in the early 1950s, when the Swedish government lifted investment restrictions on the Nobel Foundation, allowing it to invest in stocks and real estate.

The Nobel Foundation's investment strategy gradually shifted from conservative to aggressive 鈥?from a single asset type to diversified allocation 鈥?and it continuously adjusts according to market conditions.

For example, starting in the 1980s, the Nobel Foundation followed the U.S. stock market bull run.

As U.S. stocks surged at the time, the Foundation's returns also rose sharply.

By the end of 1987, the total market value of the Foundation's assets invested in U.S. stocks reached 1.287 billion Swedish kronor.

By the end of 1999, the Nobel Foundation's total asset market value had reached 3.938 billion Swedish kronor.

As assets grew, the Nobel Prize amounts also began to climb steadily: in 1981, the award for each category was 1 million Swedish kronor; by 2001, it had risen to 10 million Swedish kronor and remained at that level for more than a decade.

Information about the 2025 Economics Prize laureate on display at the Nobel Museum.

But when markets perform poorly, the prize amount can also decline.

In 2011, due to a broad downturn in global stock markets, the Nobel Foundation's stock investments lost more than 19 million Swedish kronor.

As a result, in 2012, the award for each category was reduced from 10 million Swedish kronor to 8 million Swedish kronor.

However, as global stock markets recovered, the prize amount was raised again to 9 million Swedish kronor in 2017.

In addition to stocks, the Foundation also began increasing its investments in hedge funds.

As of the end of 2025, the Foundation's invested capital allocation was: equity funds 56%, alternative assets 22%, fixed-income assets and cash 13%, and real estate and infrastructure funds 8%.

According to the Nobel Foundation's 2025 report, over the past five and ten years, the Foundation's total investment annualized returns were 7.7% and 7.6%, respectively.

Clearly, through sound investing, the Foundation has managed to pay out ever-larger prizes.

Lars Heikensten, who holds a doctorate in economics and once served as executive director of the Nobel Foundation, has said that managing the Nobel Fund is not just about fulfilling Nobel's wishes, but is a mission for all of humanity.

"As long as the Nobel Fund is managed well, it will be humanity's legacy."