Nobel Prize Cash and Philanthropy

Venkatraman “Venki” Ramakrishnan stated that he spent his entire Nobel Prize money. It had not changed his life style. However, it had made some improvement in his life and the life of his family members. For his professional musician son, he had bought a 19th-century Italian cello which took up about two thirds of the prize money. He had completed paying off a mortgage.

A year after the prize was awarded, he realized that since he was a US citizen, he had to pay tax in the US. “Reluctantly but voluntarily” he paid the tax.