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The Nobel Prizes (in Swedish Nobelpriset, in Norwegian Nobelprisen) are five separate prizes that, according to Alfred Nobel's will of 1895, are awarded to those who, during the preceding year, have conferred the greatest benefit to humankind.
Alfred Nobel was a Swedish chemist, engineer, and industrialist most famously known for the invention of dynamite. He died in 1896. In his will, he bequeathed all of his remaining realisable assets to be used to establish five prizes which became known as Nobel Prizes. Nobel Prizes were first awarded in 1901.
Nobel Prizes are awarded in the fields of Physics, Chemistry, Physiology or Medicine, Literature, and Peace (Nobel characterised the Peace Prize as to the person who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses).
In 1968, Sveriges Riksbank (Sweden's central bank) funded the establishment of the Prize in Economic Sciences in Memory of Alfred Nobel, to also be administered by the Nobel Foundation.
Nobel Prizes are widely regarded as the most prestigious awards available in their respective fields.
The prize ceremonies take place annually. Each recipient (known as a laureate) receives a green gold medal plated with 24 karat gold, a diploma, and a monetary award. As of 2023, the Nobel Prize monetary award is 11,000,000 SEK.
A prize may not be shared among more than three individuals, although the Nobel Peace Prize can be awarded to organisations of more than three people. Although Nobel Prizes are not awarded posthumously, if a person is awarded a prize and dies before receiving it, the prize is presented.
The Nobel Prizes, beginning in 1901, and the Nobel Memorial Prize in Economic Sciences, beginning in 1969, have been awarded 609 times to 975 people and 25 organisations. Five individuals and two organisations have received more than one Nobel Prize.
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Alfred Nobel was born on 21 October 1833 in Stockholm, Sweden, into a family of engineers. He was a chemist, engineer, and inventor. In 1894, Nobel purchased the Bofors iron and steel mill, which he made into a major armaments manufacturer. Nobel also invented ballistite. This invention was a precursor to many smokeless military explosives, especially the British smokeless powder cordite. As a consequence of his patent claims, Nobel was eventually involved in a patent infringement lawsuit over cordite. Nobel amassed a fortune during his lifetime, with most of his wealth coming from his 355 inventions, of which dynamite is the most famous.
According to his will and testament read in Stockholm on 30 December 1896, a foundation established by Alfred Nobel would reward those who serve humanity.
The Nobel Prize was funded by Alfred Nobel's personal fortune. According to the official sources, Alfred Nobel bequeathed most of his fortune to the Nobel Foundation that now forms the economic base of the Nobel Prize.
The Nobel Foundation was founded as a private organisation on 29 June 1900. Its function is to manage the finances and administration of the Nobel Prizes.
In accordance with Nobel's will, the primary task of the foundation is to manage the fortune Nobel left. Robert and Ludvig Nobel were involved in the oil business in Azerbaijan, and according to Swedish historian E. Bargengren, who accessed the Nobel family archive, it was this decision to allow withdrawal of Alfred's money from Baku that became the decisive factor that enabled the Nobel Prizes to be established.
Another important task of the Nobel Foundation is to market the prizes internationally and to oversee informal administration related to the prizes. The foundation is not involved in the process of selecting the Nobel laureates.
In many ways, the Nobel Foundation is similar to an investment company, in that it invests Nobel's money to create a solid funding base for the prizes and the administrative activities.
The Nobel Foundation is exempt from all taxes in Sweden (since 1946) and from investment taxes in the United States (since 1953). Since the 1980s, the foundation's investments have become more profitable and as of 31 December 2007, the assets controlled by the Nobel Foundation amounted to 3.628 billion Swedish kronor (c. US$560 million).
According to the statutes, the foundation consists of a board of five Swedish or Norwegian citizens, with its seat in Stockholm. The chairman of the board is appointed by the Swedish King in Council, with the other four members appointed by the trustees of the prize-awarding institutions. An Executive director is chosen from among the board members, a deputy director is appointed by the King in Council, and two deputies are appointed by the trustees. However, since 1995, all the members of the board have been chosen by the trustees, and the executive director and the deputy director appointed by the board itself.
As well as the board, the Nobel Foundation is made up of the prize-awarding institutions (the Royal Swedish Academy of Sciences, the Nobel Assembly at Karolinska Institute, the Swedish Academy, and the Norwegian Nobel Committee), the trustees of these institutions, and auditors.
Once the Nobel Foundation and its guidelines were in place, the Nobel Committees began collecting nominations for the inaugural prizes. Subsequently, they sent a list of preliminary candidates to the prize-awarding institutions.
More information: The Nobel Prize
no consideration be given to the nationality of the candidates,
but that the most worthy shall receive the prize,
whether he be Scandinavian or not.
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