The Nobel Prize (/ËnoÊbÉl/, NOH-bel; Swedish: Nobelpriset [nÊËbÉÌlËËpriËsÉt]; Norwegian: Nobelprisen) is a set of annual international awards bestowed in several categories by Swedish and Norwegian institutions in recognition of academic, cultural, or scientific advances. The will of the Swedish chemist, engineer and industrialist Alfred Nobel established the five Nobel prizes in 1895. The prizes in Chemistry, Literature, Peace, Physics, and Physiology or Medicine were first awarded in 1901. The prizes are widely regarded as the most prestigious awards available in their respective fields.
In 1968, Sveriges Riksbank, Sweden's central bank, established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The award is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the bank's 300th anniversary. The first Prize in Economic Sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969. The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901. However, as it is not one of the prizes that Alfred Nobel established in his will in 1895, it is not a Nobel Prize.
The Royal Swedish Academy of Sciences awards the Nobel Prize in Chemistry, the Nobel Prize in Physics, and the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel; the Nobel Assembly at the Karolinska Institute awards the Nobel Prize in Physiology or Medicine; the Swedish Academy grants the Nobel Prize in Literature; and the Norwegian Nobel Committee awards the Nobel Peace Prize.
Between 1901 and 2019, the Nobel Prizes (and the Prizes in Economic Sciences, from 1969 on) were awarded 597 times to 950 people and organizations. With some receiving the Nobel Prize more than once, this makes a total of 27 organizations and 908 individuals. The prize ceremonies take place annually in Stockholm, Sweden (with the exception of the Peace Prize ceremony, which is held in Oslo, Norway). Each recipient (known as a 'laureate') receives a gold medal, a diploma, and a sum of money that has been decided by the Nobel Foundation. (As of 2020[update], each prize is worth 9,000,000 SEK, or about US$935,366, â¬848,678, or Â£716,224.) Medals made before 1980 were struck in 23-carat gold, and later in 18-carat green gold plated with a 24-carat gold coating.
The prize is not awarded posthumously; however, if a person is awarded a prize and dies before receiving it, the prize may still be presented. A prize may not be shared among more than three individuals, although the Nobel Peace Prize can be awarded to organizations of more than three people.