Swedish inventor and businessman Alfred Nobel, at the time of his death on 10 December 1896, had 355 patents worldwide – one of them was the patent on dynamite. Furthermore, he had started 87 companies all over the world. According to his will, Alfred Nobel's enormous fortune was to be used to establish prizes to award those who had done their best to benefit mankind in the fields of physics, chemistry, medicine, literature, and peace. The first Nobel Prizes were awarded in 1901, five years after Nobel's death. In 1969, another prize was added "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel".
The Nobel Laureates are announced at the beginning of October each year. A couple of months later, on 10 December, the anniversary of Alfred Nobel's death, they receive their prizes from the Swedish King – a Nobel diploma, a medal, and 10 million Swedish crowns per prize. All Nobel Prizes are awarded in Stockholm, Sweden, except for the Nobel Peace Prize, which is awarded in Oslo, Norway.
Alfred Nobel specifically designated in his last will and testament, the institutions responsible for the prizes he wished to be established: The Royal Swedish Academy of Sciences for the Nobel Prize in Physics and Chemistry, Karolinska Institute for the Nobel Prize in Physiology or Medicine, the Swedish Academy for the Nobel Prize in Literature, and a Committee of five persons to be elected by the Norwegian Parliament (Storting) for the Nobel Peace Prize.
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