Definition
Nobel's Last Will is the testamentary document drafted by Swedish chemist, engineer, and inventor Alfred Bernhard Nobel on 27 November 1895, in which he bequeathed the majority of his estate to establish a series of international awards, now known as the Nobel Prizes.
Overview
Alfred Nobel, the inventor of dynamite and holder of 355 patents, composed his will shortly before his death on 10 December 1896 in San Remo, Italy. The will directed that his residual fortune be invested in a fund, the annual interest from which would be used to award prizes “to those who, during the preceding year, shall have conferred the greatest benefit on mankind.” The awards were to be given in the fields of Physics, Chemistry, Medicine (Physiology or Medicine), Literature, and Peace. Nobel’s will appointed the Swedish Academy, the Royal Swedish Academy of Sciences, the Karolinska Institute, and the Norwegian Nobel Committee as the respective awarding bodies. The will’s execution led to the founding of the Nobel Foundation in 1900 and the first Nobel Prizes were presented in 1901.
Etymology / Origin
The term “Nobel’s Last Will” derives directly from the name of its author, Alfred Nobel (1833–1896). “Will” is a legal term denoting a person’s testamentary instructions concerning the disposition of their property after death.
Characteristics
- Date and Place of Composition: Written in Paris on 27 November 1895.
- Primary Provision: Allocation of Nobel’s remaining assets (approximately 31 million Swedish kronor at the time) to a fund whose interest would finance the prizes.
- Award Categories: Physics, Chemistry, Physiology or Medicine, Literature, and Peace. (The Economic Sciences prize, established in 1968, is not covered by the original will.)
- Administrative Structure: Designated specific Swedish and Norwegian institutions to select laureates and oversee prize distribution.
- Legal Validation: The will was contested by some of Nobel’s relatives, but Swedish courts upheld its validity in 1897, allowing the establishment of the Nobel Foundation under the will’s directives.
- Funding Mechanism: The capital was invested in Swedish government bonds; the annual yield, adjusted for inflation, has been used to fund the prize money, which has grown over time.
- Legacy: The will’s stipulations have remained largely intact for more than a century, shaping the Nobel Prize’s prestige and governance.
Related Topics
- Alfred Nobel
- Nobel Prize
- Nobel Foundation
- Swedish Academy
- Royal Swedish Academy of Sciences
- Karolinska Institute
- Norwegian Nobel Committee
- History of philanthropy in science and culture.