The prestigious award that captures the world’s attention
The Nobel Prize is considered the most prestigious award in the world. Prize-winning discoveries include X-rays, radioactivity and penicillin. Peace Laureates include Nelson Mandela and the 14th Dalai Lama. Nobel Laureates in Literature, including Gabriel García Márquez and Doris Lessing, have thrilled readers with works such as One Hundred Years of Solitude and The Grass is Singing.
Every year in early October, the world turns its gaze towards Sweden and Norway as the Nobel Laureates are announced in Stockholm and Oslo. Millions of people visit the website of the Nobel Foundation during this time.
The Nobel Prize has been awarded to people and organisations every year since 1901 (with a few exceptions such as during World War II) for achievements in physics, chemistry, physiology or medicine, literature and peace. Nobel Day is 10 December. For the prize winners, it is the crowning point of a week of speeches, conferences and receptions.
At the Nobel Prize Award Ceremony in Stockholm on that day, the Laureates in Physics, Chemistry, Physiology or Medicine, and Literature receive a medal from the King of Sweden, as well as a diploma and a cash award. The ceremony is followed by a gala banquet. The Nobel Peace Prize is awarded in Oslo the same day.
Prize in Economic Sciences
In 1968, Sweden’s central bank (Sveriges Riksbank) established the Prize in Economic Sciences in Memory of Alfred Nobel. The prize is based on a donation received by the Nobel Foundation in 1968 from the central bank to mark the bank’s 300th anniversary. The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, following the same principles as the Nobel Prizes.
Legacy of Alfred Nobel
The Nobel Prize is the legacy of Sweden’s Alfred Nobel (1833-1896). Prizes are awarded to ‘those who, during the preceding year, shall have conferred the greatest benefit on mankind.’ When he signed his last will in 1895, Nobel declared that the bulk of his estate should be converted into a fund and invested in safe securities. The four institutions in Sweden and Norway (the two countries were united between 1814 and 1905) conferring the prizes were to be the Swedish Academy of Sciences, Karolinska Institutet in Stockholm, the Academy in Stockholm and a committee of five people to be elected by the Norwegian parliament (Stortinget).
The Nobel Foundation
In 1900, the four institutions awarding the prizes agreed to create the Nobel Foundation, a private institution based on Alfred Nobel’s will. The Nobel Foundation would administer Nobel’s estate, totalling SEK 31 million, make public announcements and arrange the prize ceremonies. The total amount awarded each year is based on the most recent return on investment. The capital is currently worth around SEK 3.4 billion, almost double the value of the original estate when adjusted for inflation.
The Nobel Prize in each category is currently worth SEK 8 million. There can be up to three recipients for each prize, who share the sum between them.
Organisations affiliated with the prize
The Nobel Prize is affiliated with several organisations and institutions entrusted with different tasks related to the prize. The Nobel Foundation Rights Association was established in 1999 to provide information through a variety of media about the Nobel Laureates and their achievements.
This non-profit association serves as an umbrella organisation for four other entities:
Nobel Media AB, which develops and manages programmes, productions and media rights of the Nobel Prize within the areas of digital and broadcast media, publishing as well as events.
The Nobel Museum AB, housed in the Old Stock Exchange Building (Börshuset) in Stockholm’s Old Town, creates interest and spreads knowledge around the natural sciences and culture.
The Nobel Peace Center, at Rådhusplassen in Oslo, Norway, a showcase which presents the Nobel Peace Prize and the work of the Nobel Peace Prize Laureates.
The Nobel Prize Education Fund, which supports educational outreach focused on the achievements of Nobel Laureates.
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