How much prize money does a Nobel Peace Prize winner receive?

PTC Web Desk: The 2025 Nobel Peace Prize has been awarded to Maria Corina Machado, Venezuela’s opposition leader, for her tireless efforts to promote democracy and challenge dictatorship in her country. As the world celebrates the laureates, many are also curious about the prize money that comes with this globally respected award.

According to the official Nobel Prize website, each Nobel Prize winner in 2025 will receive 11 million Swedish kronor (SEK), which is approximately USD 1 million. In addition to the cash prize, every laureate is presented with a gold medal and a diploma.

The Nobel Prizes were established in 1901, following the wishes of Swedish chemist and inventor Alfred Nobel. His will, signed on November 27, 1895, left most of his fortune, over 31 million SEK (around 2.2 billion SEK today), to create a fund that rewards individuals or organisations whose work benefits humanity.

The prizes are awarded annually in six fields: Peace, Literature, Physics, Chemistry, Physiology or Medicine, and Economic Sciences. This year, there were 338 nominations, including 244 individuals and 94 organisations, making the competition especially tough.

The Nobel Peace Prize medal has its own remarkable history. Designed in collaboration by Norwegian sculptor Gustav Vigeland and Swedish engraver Erik Lindberg, it was first used in 1902. Originally made of 23-carat gold, the medal now consists of 18-carat gold, weighs about 196 grams, and measures 6.6 cm in diameter.

The front of the medal features a portrait of Alfred Nobel, while the reverse depicts three men embracing, symbolising peace and brotherhood among nations. The Latin inscription reads “Pro pace et fraternitate gentium” — meaning “For peace and fraternity among peoples.” Around its edge are engraved the words “Prix Nobel de la Paix,” the year of the award, and the name of the laureate.