The Nobel Prize resulted form a late change in the will of Alfred Nobel, who did not want to be remembered after his death as a propagator of violence – he invented dynamite.
Alfred Nobel’s will
Alfred Nobel’s will from November 25, 1895Five Nobel Prizes were instituted by the final will of Alfred Nobel, a Swedish chemist and industrialist, who was the inventor of the high explosive dynamite. Though Nobel wrote several wills during his lifetime, the last was written a little over a year before he died, and signed at the Swedish-Norwegian Club in Paris on 27 November 1895. Nobel bequeathed 94% of his total assets, 31 million Swedish Kronor, to establish and endow the five Nobel Prizes.(As of 2008 that equates to 186 million US dollars.)
“ The whole of my remaining realizable estate shall be dealt with in the following way:
The capital shall be invested by my executors in safe securities and shall constitute a fund, the interest on which shall be annually distributed in the form of prizes to those who, during the preceding year, shall have conferred the greatest benefit on mankind. The said interest shall be divided into five equal parts, which shall be apportioned as follows: one part to the person who shall have made the most important discovery or invention within the field of physics; one part to the person who shall have made the most important chemical discovery or improvement; one part to the person who shall have made the most important discovery within the domain of physiology or medicine; one part to the person who shall have produced in the field of literature the most outstanding work of an idealistic tendency; and one part to the person who shall have done the most or the best work for fraternity among nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses.
The prizes for physics and chemistry shall be awarded by the Swedish Academy of Sciences; that for physiological or medical works by Karolinska Institutet in Stockholm; that for literature by the Academy in Stockholm; and that for champions of peace by a committee of five persons to be elected by the Norwegian Storting. It is my expressed wish that in awarding the prizes no consideration whatever shall be given to the nationality of the candidates, so that the most worthy shall receive the prize, whether he be Scandinavian or not.
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—Alfred Nobel, Alfred Nobel’s Will
Although Nobel’s will established the prizes, his plan was incomplete and, due to various other hurdles, it took five years before the Nobel Foundation could be established and the first prizes awarded on 10 December 1901.The current size of the Nobel endowment fund is about $400 million USD.