Nobel Prize
Alfred Nobel, born in 1833, introduced Nobel Prizes which are structured and dedicated to those who have contributed at their utmost level for human welfare. Alfred Nobel belongs to Swedish nationality and became well known for bringing "Dynamite" into the world. He left the world in 1896.
In his will, he passed on his "staying feasible resources" to be used to form the structures of five awards (Physics, Chemistry, Physiology or Medicine, Literature, and Peace) that have become known as "Nobel Prizes". Alfred Nobel had handed down 31 million SEK (Swedish Krona) as an introducing fund which was further financed by financial institutions in the late 1960s.
Nobel Foundation (the Royal Swedish Academy of Sciences, the Nobel Assembly at Karolinska Institute, the Swedish Academy, and the Norwegian Nobel Committee), the integral part of finance activities, forms a concrete base for funding by reinvesting the money generated from Alfred Nobel's will.
Nobel Prizes and Nobel Memorial Prize in Economic sciences, inaugurated in 1901 and 1969 respectively, have been granted multiple times to 962 individuals and 25 organizations. Four people and two organizations have obtained more than one Nobel Prize since then.
The award functions occur yearly. Every beneficiary (known as a "laureate") gets a gold decorated medal, a certificate (Diploma), and a money related grant. In 2021, the Nobel Prize money related grant was 10,000,000 SEK (Swedish Krona). An award may not be divided between multiple people; however, the Nobel Peace Prize can be granted to an organization of more than three people. This award is viewed as the loftiest honor which can be hoped to achieve in their particular fields.