Nobel Foundation
The Nobel Foundation is a private institution established in 1900 to carry out Alfred Nobel’s will, manage the assets that finance the Nobel Prize system, and protect its long-term independence. It represents shared interests and handles administration, while separate prize-awarding bodies select laureates. The later prize in economic sciences was created separately by Sweden’s central bank and was not specified in Nobel’s will.
Origins
On 27 November 1895, Alfred Nobel signed a will directing that the remainder of his realizable estate be converted into a fund and invested in safe securities. He stipulated that the income should be distributed annually as prizes to people whose work had conferred the greatest benefit on humanity. The will specified five fields: physics, chemistry, physiology or medicine, literature, and peace. After Nobel’s death in 1896, legal and practical work was needed to put the plan into effect. The Nobel Foundation was established in 1900, and the first prizes were awarded the following year.
Purpose and responsibilities
The Foundation is a private institution whose central responsibility is to manage Nobel’s bequeathed fortune so that the prize system remains financially secure over time. It also safeguards the independence of the bodies that choose laureates, represents their shared interests, and administers the Nobel Prize’s name and other intangible assets. The Foundation’s role should not be confused with judging nominations: it oversees common administration, but it does not choose the winners of the individual prizes.
Independent prize-awarding institutions
Nobel’s will assigned selection to institutions rather than to the Foundation. The Royal Swedish Academy of Sciences selects the laureates in physics and chemistry; Karolinska Institutet selects the laureates in physiology or medicine; the Swedish Academy selects the literature laureate; and a committee of five people elected by Norway’s Storting selects the Nobel Peace Prize laureate. These bodies conduct field-specific selection, while the Foundation supports the wider prize system and manages its financial base.
The later prize in economic sciences
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is associated with the Nobel Prize system but was not one of the five prizes described in Nobel’s will. Sweden’s central bank established it in 1968, on the occasion of its 300th anniversary, and the first award was made in 1969. The Royal Swedish Academy of Sciences selects its laureates. The Nobel Foundation’s official account distinguishes this later prize from the original prizes, even though it follows similar selection principles and is presented alongside them.
Key facts
- Established
- 1900, following Alfred Nobel’s 1895 will.
- Legal form and role
- A private institution responsible for managing Nobel’s bequeathed fortune and supporting the long-term administration of the prize system.
- Selection of laureates
- Separate institutions and committees select laureates; the Nobel Foundation does not itself choose the winners.
- Original prize fields
- Physics, chemistry, physiology or medicine, literature, and peace.
- First Nobel Prizes
- Awarded in 1901.
- Economic sciences prize distinction
- Established separately by Sveriges Riksbank in 1968 and first awarded in 1969; it was not specified in Nobel’s will.
Timeline
27 November 1895
Alfred Nobel signed the will that directed his remaining estate into an investment fund supporting annual prizes in five fields.
1900
The Nobel Foundation was established to implement Nobel’s will and administer the fund.
1901
The first Nobel Prizes were awarded.
1968–1969
Sveriges Riksbank established the separate economic sciences prize in 1968; its first award followed in 1969.
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Answers use only “Nobel Foundation” and its references, with citations.
References
- 1.Full text of Alfred Nobel's will
NobelPrize.org, the Nobel Foundation · other · reliability: high · retrieved 20 October 2026
Supports: Primary source for the will's date, annual fund and five original prize fields.
- 2.About the Nobel Prize
NobelPrize.org, the Nobel Foundation · other · reliability: high · retrieved 20 October 2026
Supports: The will's purpose, the first awards in 1901 and the later addition of the economic sciences prize.
- 3.The Nobel Foundation
NobelPrize.org, the Nobel Foundation · other · reliability: high · retrieved 20 October 2026
Supports: The Foundation's establishment, financial mission, protection of awarding bodies' independence and management of shared assets.
- 4.Nobel Prize awarding institutions
NobelPrize.org, the Nobel Foundation · other · reliability: high · retrieved 20 October 2026
Supports: The selection responsibilities assigned to the Swedish and Norwegian awarding institutions, and the separate 1968 economic sciences prize.
- 5.The Sveriges Riksbank Prize in Economic Sciences
NobelPrize.org, the Nobel Foundation · other · reliability: high · retrieved 20 October 2026
Supports: The prize's creation by Sweden's central bank, its funding, selection body and first award in 1969.
- 6.Nobel Foundation History, Board & Prizes
Encyclopaedia Britannica · other · reliability: high · retrieved 20 October 2026
Supports: Independent reference on the Foundation's establishment, fund administration and relationship with prize-awarding organizations.
References are suggested by the research engine and may be incomplete. Unverified URLs are omitted rather than guessed.
Article history
- Version 120 October 2026 · EditorCreated by Zapia