The Nobel Prize money comes from the Nobel Foundation, which was established based on the will of Alfred Nobel, the inventor of dynamite. Nobel bequeathed most of his fortune to create a fund that would provide annual prizes to those who have "conferred the greatest benefit on mankind" in the fields of physics, chemistry, physiology or medicine, literature, and peace.
The Nobel Foundation manages the Nobel Prize fund and invests the money in "safe securities" according to Alfred Nobel's instructions. The interest earned from these investments is then used to pay the Nobel Prize money to the laureates.
The amount of the Nobel Prize has varied over the years, but in 2023, the Nobel Foundation increased it to 11 million Swedish kronor (approximately $900,000).
