The Booker Prize Foundation announced a major financial expansion for the International Booker Prize, doubling its total prize purse from £50,000 to £100,000. Supported by long-term funding from Bukhman Philanthropies, the move significantly elevates the profile and financial backing for translated literature on the global stage. Under the new structure, the £100,000 prize will continue to be split equally between the winning author and the English-language translator.

The announcement comes at a time when translated fiction is experiencing strong sales growth across international markets, particularly among younger readers who are discovering translated works through social channels. Industry analysts view the doubled prize pot as a crucial investment in global rights trading, giving independent presses and translators greater leverage and recognition when bringing non-English literary voices to worldwide audiences.