The new amount for each prize will be 8 million Swedish Krona, or $1.1 million. The previous prize amount was 10 million Swedish Krona, or $1.4 million.
"The Nobel Foundation is responsible for ensuring that the prize sum can be maintained at a high level in the long term. We have made the assessment that it is important to implement necessary measures in good time," Lars Heikensten, executive director of the Nobel Foundation, said in a statement.
The prestigious prize program, named for Swedish scientist Alfred Nobel, began in 1901. This year's awards will be announced in October.