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A.B. Nobel, a Swedish inventor, gave most of his vast fortune in trust as a fund from which annual prizes could be awarded to the individuals and organizations who had achieved the greatest benefit to humanity in a particular year, in the field of chemistry, physiology or medicine, literature and international peace. In 1969 a prize for economics was added by Central Bank of Sweden. All candidates for the prizes are selected by the Royal Swedish Academy, and by the Norwegian Nobel Committee. The prizes are usually presented in Stockholm on December 10 with the king of Sweden officiating a tribute to Nobel on the anniversary of his death. Each prize includes a gold medal, a diploma and a cash award of about one million dollars.
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