December 6, 2023 06:21:46

Nobel Prize Day: Here are all the answers about the ‘Nobel Prize’ & why it’s considered the prestigious award in the world

Each year on December 10, the world celebrates Nobel Prize Day. This is a day to remember the contributions of those who have been awarded the Nobel Prize, as well as to celebrate the prize itself. On this day, we reflect on the achievements of past laureates and look to the future of what the prize represents. We also take time to learn about the prize and what it takes to be nominated for such an honor. So, whether you’re a Nobel Laureate or simply someone who appreciates great achievement, join us in celebrating Nobel Prize Day!


Who Funds the Awards?

At the age of 17, Swedish Alfred Nobel spoke five languages fluently and became an inventor and businessman. At the time of his death on 10 December 1896, he had 355 patents worldwide – one of them was the patent on dynamite. Furthermore, he started 87 companies all over the world. In his will, Nobel directed his enormous fortune to be used to establish prizes to award those who had done their best to benefit humankind. Each prize would recognize the fields of physics, chemistry, medicine, literature, and peace. In 1901, the Nobel Prize committee awarded the first prize five years after Nobel’s death. The committee added another prize in 1969: ‘The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel’.

The Award Ceremonies

Each year on 10 December, a ceremony is held in Stockholm, Sweden on the anniversary of Alfred Nobel’s death. In 1901, the committee kept the first winners secret until the 10 December ceremony. Since then, the committee announces the Nobel Laureates in October each year. In December, they gather in Stockholm for the ceremony and receive their prizes from the Swedish King. The winners receive a Nobel diploma, a medal, and 10 million Swedish crowns per prize. All Nobel Prizes are awarded in Stockholm, Sweden, with the exception of the Peace Prize. The recipient of the Peace Prize receives the award in Oslo, Norway. (When Alfred Nobel was alive, Norway and Sweden were united under one monarch. In 1905, Norway became an independent kingdom with its own king.)

The Importance of the Nobel Prize

The Nobel Prize is the most prestigious award in the world. It is given to individuals who have made outstanding contributions to humanity in the fields of physics, chemistry, physiology or medicine, literature, and peace. The prize was first awarded in 1901 and has been given out annually ever since.

The Nobel Prize is important because it recognizes the achievements of individuals who have made a significant impact on the world. The prize also serves as an incentive for others to pursue excellence in their field of work. The prize money associated with the Nobel Prize can also be used to further fund research and development in the recipient’s field of study.