The Nobel Prize: How a Dynamite Fortune Built the World's Top Science Award
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In brief
The Nobel Prize traces back to Alfred Nobel's 1895 will, which directed most of his fortune to annual awards for people whose work had done the greatest good for humanity. Since the first prizes in 1901, 633 awards have gone to 1,018 people and organizations in physics, chemistry, medicine, literature, peace and (since 1969) economic sciences. This year's 2026 laureates will be announced October 5–12.
Alfred Nobel, the Swedish chemist and industrialist who invented dynamite, signed his final will on 27 November 1895 at the Swedish-Norwegian Club in Paris. According to the research-reference service EBSCO and a historical overview published by the U.S. National Institutes of Health (NIH), Nobel directed roughly 94 percent of his estate toward annual prizes for those whose work had done the greatest good for humanity, explicitly instructing that nationality should not be a factor in choosing winners.
From a contested will to the first ceremony
Nobel died on 10 December 1896 in San Remo, Italy. His will was immediately contested by relatives, and disputes over his legal domicile and the scheme's validity delayed matters for years, according to EBSCO's historical summary. The Nobel Foundation was not formally established until 1900, once the legal challenges were resolved, and the first Nobel Prizes were awarded on 10 December 1901 — the fifth anniversary of Nobel's death.
Nobel's will named five fields: physics, chemistry, physiology or medicine, literature, and peace. He also assigned each prize to a specific institution, a structure the NIH overview and Wikipedia both describe: the Royal Swedish Academy of Sciences selects the physics and chemistry laureates, the Nobel Assembly at the Karolinska Institute chooses the medicine laureate, the Swedish Academy picks the literature winner, and the Norwegian Nobel Committee — based in Oslo rather than Stockholm — awards the Peace Prize.
A sixth prize added by a central bank
Economic sciences was not part of Nobel's original bequest. Sveriges Riksbank, Sweden's central bank, created the award in 1968 to mark its 300th anniversary, according to the Royal Swedish Academy of Sciences (KVA), which administers it. Its full name, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, keeps it formally distinct from the five original Nobel Prizes, though KVA notes its winner is announced in mid-October alongside the others and honored at the same 10 December ceremony.
Scale of the award, by the numbers
Over twelve decades the prizes have grown from a new, untested bequest into the most closely watched recognition in science, literature and diplomacy. English-language Wikipedia's summary of Nobel Foundation data puts the total at 633 prizes awarded to 1,018 individuals and organizations between 1901 and 2026, with the current cash award standing at 12 million Swedish kronor (about $1.22 million) per full prize, shared among up to three recipients except for the Peace Prize, which can also go to organizations.
Nobel Prize categories at a glance
Category
Established
Selecting body
Physics
1901 (Nobel's will, 1895)
Royal Swedish Academy of Sciences
Chemistry
1901 (Nobel's will, 1895)
Royal Swedish Academy of Sciences
Physiology or Medicine
1901 (Nobel's will, 1895)
Nobel Assembly, Karolinska Institute
Literature
1901 (Nobel's will, 1895)
Swedish Academy
Peace
1901 (Nobel's will, 1895)
Norwegian Nobel Committee
Economic Sciences
1969 (created by Sveriges Riksbank, 1968)
Royal Swedish Academy of Sciences
Delays, omissions and the politics of recognition
Scientific American's compilation of Nobel-related facts notes that major discoveries often wait decades for recognition — the article cites roughly 20 to 30 years as typical, with Peyton Rous's work on tumor viruses taking about 50 years to be honored. The same piece recalls that Adolf Hitler barred three German chemists from accepting their prizes under the Nazi government, though they later received the medal and diploma without the cash award once the war had ended.
The Nobel Foundation generally bars posthumous awards, a rule it adopted in the 1970s, according to Scientific American. An exception occurred in 2011 when immunologist Ralph Steinman was named a laureate three days after his death, before the announcement; the committee had been unaware he had died and let the award stand.
Representation has also been uneven. The NIH historical overview notes that since 1943, more than 70 percent of Physiology or Medicine laureates have been native or naturalized U.S. citizens, reflecting the country's growing research dominance, while some influential scientists — including Rosalind Franklin, whose crystallography contributed to understanding DNA's structure — were never recognized.
Why the prize is in the news every October
The Nobel committees announce each year's laureates on a fixed autumn schedule. For 2026, according to a Nobel-focused announcement roundup, the sequence runs Physiology or Medicine on 5 October, Physics on 6 October, Chemistry on 7 October, Literature on 8 October, the Peace Prize on 9 October in Oslo, and Economic Sciences on 12 October in Stockholm. All laureates are formally honored at ceremonies on 10 December, the anniversary of Nobel's death.
Nationality should not be considered in selecting recipients of the prizes.
— Alfred Nobel, in his 1895 will, as cited by EBSCO Research Starters
Questions
Who created the Nobel Prize and why?
Swedish chemist and industrialist Alfred Nobel, inventor of dynamite, created the prize through his will of 27 November 1895, directing most of his fortune toward annual awards for people whose work had done the greatest good for humanity, according to EBSCO's historical summary of the will.
When were the first Nobel Prizes awarded?
The first ceremony took place on 10 December 1901, five years after Nobel's death in 1896, once legal disputes over his will and the creation of the Nobel Foundation (1900) were resolved.
Is the economics prize a real Nobel Prize?
It was not part of Nobel's original will. Sveriges Riksbank established it in 1968, and the Royal Swedish Academy of Sciences notes it is formally named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, administered separately but announced and awarded on the same calendar as the other prizes.
How much money comes with a Nobel Prize today?
According to Wikipedia's summary of Nobel Foundation figures, the award is currently 12 million Swedish kronor per full prize, roughly $1.22 million, split among up to three recipients in most categories.
Can a Nobel Prize be awarded after someone has died?
The Nobel Foundation generally does not make posthumous awards, a rule set in the 1970s, though immunologist Ralph Steinman's 2011 medicine prize stood after it emerged he had died three days before the announcement, according to Scientific American.
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