The Nobel Prize is paid for by the fortune of Alfred Nobel, the Swedish inventor of dynamite. He left most of his money in a trust to create the prizes. The interest and income from these investments are used to pay the prize money, make the medals, and organize the award ceremonies.
How Did Nobel Earn His Money?
Alfred Nobel earned his wealth primarily through inventing explosives and chemicals, including dynamite, detonators, and other industrial products. He owned more than 350 patents and ran several factories worldwide, which generated substantial revenue during his lifetime. Nobel’s fortune was invested to fund the prize after his death.
Who Chooses the Nobel Peace Prize?
The Norwegian Nobel Committee chooses the Peace Prize winner. It has five members, appointed by the Norwegian Parliament. Unlike other Nobel Prizes, which are awarded in Sweden, the Peace Prize is awarded in Norway. The committee selects people or organizations that have worked for peace, human rights, or conflict resolution.
Nobel Peace Prize Money in Rupees
The prize money changes every year depending on the Nobel Foundation’s earnings. In 2025, the prize is 11 million Swedish Krona, which is approximately ₹10 crore. If more than one person shares the prize, the money is divided among them.
Who Got the First Nobel Prize in India?
The first Indian to win a Nobel Prize was Rabindranath Tagore in 1913. He received the Nobel Prize in Literature for his book of poems, Gitanjali. Tagore was celebrated worldwide for the beauty and depth of his writing.
Why Did Alfred Nobel Create the Nobel Prize?
Nobel created the prizes in his will in 1895. He wanted to leave a good legacy after reading an early obituary that called him “the merchant of death” because of his invention of dynamite. The prizes reward people who make positive contributions to humanity, science, literature, and peace.
Nobel Prize Categories
There are six Nobel Prize categories:
- Physics – for achievements in physics.
- Chemistry – for work in chemistry.
- Physiology or Medicine – for discoveries in medicine or biology.
- Literature – for excellence in writing or poetry.
- Peace – for efforts in peace, human rights, or conflict resolution.
- Economic Sciences – created in 1968, for contributions in economics.
Each category has a special committee that chooses the winner. The awards are held in Stockholm, Sweden, except the Peace Prize, which is presented in Oslo, Norway.
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