The Nobel Prize is one of the most prestigious awards in the world. It's given to pioneers in the fields of science, peacemaking, and literature. The 2017 winners were announced over the week of October 2 (see 2017 Nobel Prize Awards). Winners—also known as Nobel Laureates—will receive a medal and prize money. This year, the amount is 9 million Swedish kronor (about $1.1 million).
The Nobel Prize is named after Swedish chemist Alfred Nobel. He invented dynamite, a type of powerful explosive, and made a fortune from it. When Nobel died on December 10, 1896, he left more than 31 million Swedish Kronor (about $1.7 billion in today's money) to create the prizes.
The first Nobel Prizes were awarded in 1901 in Physics, Chemistry, Physiology or Medicine, Literature, and Peace. In 1968, Sweden’s central bank, Sveriges Riksbank, established another prize called the Prize in Economic Sciences in Memory of Alfred Nobel. Although not technically a Nobel Prize, the Prize in Economic Sciences in Memory of Alfred Nobel is awarded along with the five original prizes.
Through 2016, a total of 911 people and organizations have received the Nobel Prize and the Prize in Economic Sciences in Memory of Alfred Nobel. Notable winners include Albert Einstein (Physics, 1921), Marie Curie (Physics, 1903 and Chemistry, 1911), and Barack Obama (Peace, 2009). The youngest Nobel Laureate is Malala Yousafzai, who was only 17 years old when awarded in 2014. She won the Peace Prize for her efforts to promote education for girls in Pakistan.
There are simple requirements for winning a Nobel: All winners must be alive and the prize can be shared by up to three people. Organizations, like Doctors Without Borders (Peace, 1999), can also receive a Nobel. Every September, the Nobel committee sends out requests for nominations in each field, but you can't nominate yourself! The Nobel committee spends the rest of the year debating nominations before announcing the winners in early October.
On December 10, the anniversary of Alfred Nobel’s death, winners in Physics, Chemistry, Physiology or Medicine, and Literature—as well as the Economics Prize—will receive their awards at a ceremony held in Stockholm, Sweden. There will be presentation speeches and a banquet for about 1,300 guests, including 250 students. The Nobel Peace Prize Ceremony is held in Oslo, Norway, on the same date.