Nobel Foundation facts for kids
The Nobel Foundation crest
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| Formation | 29 June 1900 |
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| Headquarters | Stockholm, Sweden |
The Nobel Foundation (which in Swedish is called Nobelstiftelsen) is a special group started on June 29, 1900. Its main job is to handle the money and manage the famous Nobel Prizes. This foundation was created because of the last wishes of Alfred Nobel, who was the inventor of dynamite.
The Nobel Foundation also organizes special meetings called Nobel Symposia. These meetings bring together smart people to talk about big new discoveries in science or important topics in culture and society.
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History of the Nobel Prizes
Alfred Nobel was born in Stockholm, Sweden, on October 21, 1833. He was a very clever person who worked as a chemist, engineer, and inventor. He also made weapons. One of his most famous inventions was dynamite.
Nobel owned a big company called Bofors. It used to make iron and steel, but he changed it to make weapons instead. Alfred Nobel had 355 different patents, which are special rights for inventions. Dynamite was his most well-known invention. Because of his inventions, especially dynamite, Nobel became very rich during his life. He passed away from a stroke in 1896 in his home in San Remo, Italy.
Before he died, Nobel wrote several wills. His last will was written about a year before he passed away, on November 27, 1895. In this will, he made a surprising request. He asked that most of his money be used to create prizes. These prizes would be for people who made great achievements in physics, chemistry, peace, physiology or medicine, and literature.
Nobel left 94% of all his money for these five Nobel Prizes. This was about 31 million Swedish kronor at the time. Today, that would be worth around 266 million US dollars.
The whole of my remaining realizable estate shall be dealt with in the following way:
The capital shall be invested by my executors in safe securities and shall constitute a fund, the interest on which shall be annually distributed in the form of prizes to those who, during the preceding year, shall have conferred the greatest benefit on mankind. The said interest shall be divided into five equal parts, which shall be apportioned as follows: one part to the person who shall have made the most important discovery or invention within the field of physics; one part to the person who shall have made the most important chemical discovery or improvement; one part to the person who shall have made the most important discovery within the domain of physiology or medicine; one part to the person who shall have produced in the field of literature the most outstanding work of an idealistic tendency; and one part to the person who shall have done the most or the best work for fraternity among nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses.
The prizes for physics and chemistry shall be awarded by the Swedish Academy of Sciences; that for physiological or medical works by Karolinska Institutet in Stockholm; that for literature by the Academy in Stockholm; and that for champions of peace by a committee of five persons to be elected by the Norwegian Storting. It is my expressed wish that in awarding the prizes no consideration whatever shall be given to the nationality of the candidates, so that the most worthy shall receive the prize, whether he be Scandinavian or not.
The people in charge of Nobel's will were Ragnar Sohlman and Rudolf Lilljequist. They created the Nobel Foundation. This foundation was set up to manage Nobel's money and organize the prizes. Even though Nobel's will explained his wishes, his plan was not fully complete. Also, there were some challenges to overcome. Because of this, it took five years for the Nobel Foundation to be officially started.
The very first Nobel Prizes were given out on December 10, 1901. One of the first winners was Wilhelm Conrad Röntgen. As of December 31, 2020, the Nobel Foundation managed about 5.2 billion Swedish kronor. This was roughly 630 million US dollars at that time.
How the Nobel Foundation Works
The Nobel Foundation officially started as a private organization on June 29, 1900. Its main goal was to manage the money and paperwork for the Nobel Prizes. It was created based on Alfred Nobel's final will. At first, many people were unsure about Nobel's will and even criticized it. So, it took some time for it to be approved.
Finally, on April 26, 1897, the Storting (Norway's parliament) approved his will. Soon after, they chose the members of the Norwegian Nobel Committee. This committee was responsible for choosing the winner of the Peace Prize. After that, the other groups that would award prizes were also set up. Karolinska Institutet was set up on June 7, the Swedish Academy on June 9, and the Royal Swedish Academy of Sciences on June 11. In 1900, King Oscar II approved the new rules for the Nobel Foundation.
In 1905, Sweden and Norway separated. This meant that the job of giving out the Nobel Prizes was split between the two countries. Norway's Nobel Committee became responsible for the Peace Prize. Sweden became responsible for giving out all the other prizes.
According to Alfred Nobel's will, the main job of the Nobel Foundation is to manage the money he left behind. This money is kept in a special fund. The Nobel Foundation also represents the Nobel Prize to the world. It handles other activities and issues related to giving out the prizes. However, it's important to know that the Nobel Foundation does not choose the Nobel winners.
The Nobel Foundation invests money to make sure there's always enough funding for the prizes and for its own operations. The foundation does not have to pay taxes in Sweden (since 1946) or on its investments in the United States (since 1953). In the early 1980s, the prize money was 1 million Swedish kronor. By 2008, the prize money had grown to 10 million Swedish kronor.
The rules say the foundation should have a Board with five men. This Board is located in Stockholm. The Chairman of the board used to be chosen by the King of Sweden. The other four members were chosen by the groups that award the prizes. Since 1995, all members of the board are chosen by the trustees. The executive director and deputy director are chosen by the board itself.
Besides the Board, the Nobel Foundation also includes the groups that award the prizes. These are the Royal Swedish Academy of Sciences, the Nobel Assembly, the Swedish Academy, and the Norwegian Nobel Committee. It also includes the trustees of these groups and auditors who check the finances.
Nobel Symposia: Special Meetings
In 1965, the Nobel Foundation started something new called the Nobel Symposia. These are special meetings where experts gather to discuss important topics. They focus on areas of science where big discoveries are happening around the world. They also talk about other important cultural or social issues.
These meetings have covered many different subjects. Some examples include prostaglandins (which are like hormones in the body), chemical kinetics (how fast chemical reactions happen), diabetes mellitus, string theory (a physics idea), cosmology (the study of the universe), and even the Cold War in the 1980s. A special committee made of members from different Nobel Committees helps organize these symposia.
Other Awards Using the Nobel Name
In 2007, a group called the Nobel Charitable Trust announced a plan for a new award. This trust was started by some members of the Nobel family, including Michael Nobel and Gustaf Nobel. They wanted to create the Michael Nobel Energy Award. This award would be for new ideas in clean energy technology. It would be the first new Nobel prize started by the Nobel family since Alfred Nobel created his original prizes.
However, this new award would be given by the Nobel Charitable Trust, not by the Nobel Foundation. The Nobel Foundation quickly reacted to this news. They said they might take legal action. They felt that using the Nobel name for a new prize was wrong. They believed it misused the good reputation of the Nobel Prize. The director of the Nobel Foundation, Michael Sohlman, and the head of the Nobel family did not approve of this new award or the groups behind it.
See also
In Spanish: Fundación Nobel para niños
- Lars Ernster (1920–1998) – a professor of biochemistry and a former member of the Board of the Nobel Foundation
- Ragnar Sohlman
- List of wealthiest charitable foundations
- Nobel Conference
- Wolf Foundation
