Why were Nobel Prizes started?
Who was Alfred Nobel?
Famous scientist Alfred Nobel, (who is known as the inventor of dynamite) was born in 1833 in Stockholm (Sweden). At the age of 18 he was sent to the United States for the study of Chemistry.
Alfred Nobel had very curious nature that is why he had done 355 inventions in his entire life. However, his most revolutionary invention was dynamite in 1867.He earned a lot of wealth and fame by inventing the dynamite.
After completing his studies, he began studying explosives especially "Nitroglycerin" in his father's Swedish-based factory. On September 3, 1864, this factory destroyed in a horrific explosion and Alfred's younger brother had also died in the incident. Alfred Nobel died due to a heart attack in Italy on 10 December 1896.
The incident behind the Nobel Prize commencement
The main reason behind the commencement of the Nobel Prizes was false news of death of Alfred Nobel. In 1888 a newspaper printed that the "Merchant of death" i.e. Alfred Nobel has died. The newspaper also held Alfred responsible for the death of thousands of people due to the invention of dynamite.
Indian Recipients of Ramon Magsaysay Award
Alfred himself read this false report of his death. But the term "Merchant of death" used for Alfred Nobel had shocked Alfred Nobel deeply. Alfred thought that one day he will die in reality; but will he be remembered by the same name (merchant of death) given by the newspaper? So he decided that he would wipe out this stain from his personality.
What was the last will of the Alfred Nobel?
On 27 November 1895; Alfred Nobel wrote his last will and testament and set aside the bulk of his estate to establish the Nobel Prizes in 5 fields.
In his will, Alfred Nobel dictates that his entire remaining estate should be used to endow "prizes to those who, during the preceding year, shall have conferred the greatest benefit to mankind."
After cutting all taxes, remaining i.e. 31,225,000 Swedish Chronor were allocated for the establishment of the Nobel fund.
Thus, the Nobel Prize is given every year in 6 fields (6th prize established in 1968 in the field of economics) for those who have worked to enhance human welfare. This is the reason that the Nobel Prize has been given to those people who have developed any medicine or vaccine to cure any disease or made tireless efforts to increase peace and harmony in the world.
How is Nobel Prize money arranged?
In the year 1895, the initial capital of the Nobel Prize fund was 31,225,000 Swedish Chronors. Currently the total Nobel fund has approximately 1,702 million Swedish kronor. Each Nobel Prize winner gets approximately 9 million Swedish Chronors. In case of more than 1 winner this money is distributed equally among them.
The Nobel Committee distributes around 54million Swedish Cronors as Prize money each year. The prize money of the Nobel Prize depends on the income of the Nobel Foundation every year. The money deposited in the Nobel Fund is invested in securities deemed safe and the interest received from them, is distributed among Nobel Prize winners.
Between 1901 and 2017, there are 585 Nobel Prizes have been given to 923 people. In the year 2017, each Nobel laureate won Rs. 72,227,297 as prize money which is equal to 9 million Swedish kronor.
It is worth to mention that so far 8 Indians have won Nobel Prizes and the first Indian who received the Nobel Prize was Rabindra Nath Tagore in 1913.
So from the above article, you must have known that why prestigious Nobel Prizes were started and how is prize money arranged for Nobel Prizes.