Nobel Prize Winnings Slashed 20 Percent Due to Global Economic Crisis

Now more than ever, those vying for a Nobel Prize aren’t in it for the money.

Thanks to a sluggish economy and unstable financial markets, the Nobel Foundation is being forced to tighten its belt a bit, announcing Monday it would pare down cash prizes awarded to Nobel Prize winners.

The foundation, which awards the prestigious Nobel Prize in numerous academic fields and for humanitarian work, will slash prize winnings by 20 percent to around $1.1 million, the Associated Press reported, the first time the organization has done so since 1949.

CONTINUED at US News.