The Nobel Prize ( NOH-bel; Swedish: Nobelpriset [nʊˈbɛ̂lːˌpriːsɛt]; Norwegian: Nobelprisen [nʊˈbɛ̀lːˌpriːsn̩]) is 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.”
Nobel Prizes are awarded in the fields of Physics, Chemistry, Physiology or Medicine, Literature, and Peace (Nobel characterized 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) established the Prize in Economic Sciences in Memory of Alfred Nobel, founder of the Nobel Prize. Nobel Prizes are widely regarded as the most prestigious awards available in their respective fields.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.The prize ceremonies take place annually. Each recipient (known as a "laureate") receives a gold medal, a diploma, and a monetary award. In 2020, the Nobel Prize monetary award is 10,000,000 SEK, or US$1,145,000, or €968,000, or £880,000. 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. 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 603 times to 962 people and 25 organizations. Four individuals have received more than one Nobel Prize.