The Nobel Prize Just Got Crappier

Photo: Getty Images/Pascal le Segretain

Some of our finest leaders, thinkers and inventors have received Nobel prizes. The prizes are mainly about prestige, but the money that comes with it is certainly nice.But with the economy slumping worldwide, the Nobel society is cutting prize money by 20 per cent the BBC reports.

Cost has overtaken revenue at The Nobel Foundation and the economic crisis is to blame.

The Stockholm-based foundation is still giving out $1.1 million prizes to winners, but the foundation’s bottom line is forcing some austerity measures.

Winners get a diploma and a medal along with the cash prize.  

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.