Established in 1895: The Nobel Prizes were established in the will of Alfred Nobel, a Swedish inventor, engineer, and scientist, known for inventing dynamite.
Categories: The Nobel Prizes are awarded annually in six categories: Physics, Chemistry, Physiology or Medicine, Literature, Peace, and Economic Sciences.
Peace Prize Location: The Nobel Peace Prize is presented in Oslo, Norway, while the other five prizes are awarded in Stockholm, Sweden.
Nomination and Selection: Nominees for the Nobel Prizes are proposed by qualified individuals and organizations, with selections made by committees of experts in each field.
Monetary Value: The Nobel Prizes come with a medal, a diploma, and a cash award. The amount of the cash prize varies from year to year but is typically several million Swedish kronor.
Legacy: Alfred Nobel's decision to establish these prizes was influenced by his desire to contribute to humanity's betterment and his hope that the awards would honor outstanding achievements in various fields, fostering progress and peace.