The Nobel Prize was established according to the will of the Swedish chemist, engineer and inventor Alfred Nobel. Nobel amassed a fortune during his lifetime, mostly due to his numerous inventions, of which dynamite is the most famous. Four years after his death in 1896, the Nobel Foundation was founded to manage the fortune Nobel left and to administer the Nobel Prizes.
According to Nobel's will, the prizes are bestowed in five categories: physics, chemistry, physiology or medicine, literature, and contribution to world peace. Since 1969, the Nobel Memorial Prize in Economic Sciences, commonly referred to as the Nobel Prize in Economics, has been awarded by the Swedish National Bank. Most prize ceremonies are held annually in the capital of Sweden, but the Nobel Piece Prize is awarded in the capital of Norway.
The ceremonies are always held on December 10, which is Alfred Nobel's death anniversary. The inaugural ceremony took place in 1901. In Stockholm, the laureates receive the prize from the hands of the King of Sweden. The Nobel Peace Prize is presented by the Chairman of the Norwegian Nobel Committee in the presence of the members of the royal family. Each laureate receives a gold medal with Nobel's portrait, a diploma, and a monetary award. The amount of prize money depends upon how much money the Foundation is able to award this year.
After the ceremony, the Nobel Banquet is held in the Blue Hall of Stockholm City Hall. At the banquet, a four-hour-long multi-course dinner is served. During the dinner, each Nobel Prize recipient makes a speech. The speeches are presented by a specially assigned toastmaster.
Each laureate is required to give a public lecture within six months of receiving the prize. Most Nobel lectures occur during the week leading up to award ceremony, but this is not mandatory.
Photo: sweden.se
