Nobel Prize is easily one of the most prestigious award on this planet. There are five separate prizes that are awarded to “those who, during the preceding year, have conferred the greatest benefit to humankind.” First awarded in 1901, the prizes are given according to Alfred Nobel’s will of 1895.
The prizes are awarded in the fields of Physics, Chemistry, Physiology, Medicine, Literature, and Peace. For Peace, Nobel characterized the 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“.
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How Much Do Nobel Prize Winners Receive?
The prize ceremony takes place every year, and the recipient (also known as a laureate) receives a gold medal, a diploma, and a monetary award. But how much do they receive?
In 2021, the noble laureates received a monetary award is 10,000,000 SEK (around $9,02,286). A prize may or may not be shared among more than three recipients, although it can be awarded to organizations of more than three people.
Apart from money, the medal given to the laureates features an image of Alfred Nobel on the left profile on the obverse. It also mentions the years of his birth and death.
The money for the Nobel Prizes comes from the estate of Alfred Nobel. The capital is invested in “safe securities” per his instructions, and the interest (return) is paid out as prizes. The fund invests in equities, fixed income, real estate, and alternative assets. According to the economy, the prize money has been fluctuating over the years.
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The Story Behind Nobel Prize
Nobel was a Swedish chemist, engineer, and inventor. Before his death, Alfred was inspired to do something for which he will be remembered. He changed his will and the last one mentioned that his fortune is used to create a series of prizes for those who confer the “greatest benefit on mankind” in different fields.
He made a fortune by inventing dynamite and gave 94% of his total assets, 31 million SEK (c. US$186 million, €150 million in 2008), to start the five Nobel Prizes.
The inaugural Nobel Prizes were awarded in 1901 and carried a cash award of SEK 150,000, equivalent to SEK 8.9 million in 2020, which is roughly $1 million in 2020.
The Nobel Committee’s Physics Prize shortlist mentioned Wilhelm Röntgen who discovered X-rays and Philipp Lenard’s work on cathode rays.
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