The Nobel Prize is one of the world’s most respected honors, celebrating individuals and organizations whose work has profoundly benefited humanity. Here are ten key things to know about the Nobel Laureate Prize.
1. Founded by Alfred Nobel
The Nobel Prize was established by Alfred Nobel, a Swedish inventor, scientist, and industrialist best known for inventing dynamite. In his will, written in 1895, he directed that most of his fortune be used to reward those who made significant contributions to humanity.
2. First Awarded in 1901
The first Nobel Prizes were awarded in 1901, five years after Nobel’s death. The initial categories were Physics, Chemistry, Medicine, Literature, and Peace.
3. The Economics Prize Came Later
The Nobel Prize in Economic Sciences was not part of Nobel’s original plan. It was added in 1968 by Sweden’s central bank, the Sveriges Riksbank, in his honor.
4. A Truly Global Recognition
The Nobel Prize is one of the most prestigious international awards. It recognizes outstanding contributions to science, literature, peace, and economics, and laureates are chosen from across the world.
5. The Peace Prize is Awarded in Norway
While most Nobel Prizes are presented in Stockholm, Sweden, the Nobel Peace Prize is uniquely awarded in Oslo, Norway. Alfred Nobel himself made this decision, although he never explained the reason.
6. Meaning of the Term ‘Nobel Laureate’
Recipients of the Nobel Prize are known as Nobel Laureates. The word “laureate” comes from the ancient custom of honoring achievers with laurel wreaths as a mark of distinction.
7. The Prize Package
Each Nobel Prize consists of a gold medal, an official diploma, and a monetary award. In recent years, the cash prize has been about 11 million Swedish kronor, roughly equivalent to 1 million US dollars.
8. A Rigorous and Confidential Selection Process
Every Nobel category has its own committee that reviews nominations, investigates candidates, and makes recommendations. The deliberations and records remain secret for 50 years to preserve the integrity of the process.
9. Awarded Every December 10
Nobel Prizes are presented annually on December 10, the anniversary of Alfred Nobel’s death. Ceremonies take place in Stockholm for most prizes and in Oslo for the Peace Prize.
10. Famous Nobel Laureates
Some of the most celebrated Nobel winners include Albert Einstein (Physics, 1921), Marie Curie (Physics, 1903; Chemistry, 1911), Martin Luther King Jr. (Peace, 1964), Malala Yousafzai (Peace, 2014), and Wole Soyinka (Literature, 1986) — the first African Nobel Laureate in Literature.
The Nobel Prize remains a symbol of excellence, innovation, and service to humanity, inspiring generations to pursue knowledge and peace.
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