The Nobel Prize is a set of annual international awards bestowed in a number of categories by Swedish and Norwegian committees in recognition of cultural and/or scientific advances. The will of the Swedish inventor Alfred Nobel established the prizes in 1895. The prizes in Physics, Chemistry, Physiology or Medicine, Literature, and Peace were first awarded in 1901. The related Nobel Memorial Prize in Economic Sciences was created in 1968. Between 1901 and 2012, the Nobel Prizes and the Prize in Economic Sciences were awarded 555 times to 856 people and organizations. With some receiving the Nobel Prize more than once, this makes a total of 835 individuals and 21 organizations.
The Peace Prize is awarded in Oslo, Norway, while the other prizes are awarded in Stockholm, Sweden. The Nobel Prize is widely regarded as the most prestigious award available in the fields of literature, medicine, physics, chemistry, peace, and economics.
The various prizes are awarded yearly. Each recipient, or laureate, receives a gold medal, a diploma and a sum of money, which is decided by the Nobel Foundation. As of 2012, each prize was worth 8 million SEK (c. US$1.2 million, €0.93 million). The prize is not awarded posthumously; however, if a person is awarded a prize and dies before receiving it, the prize may still be presented. Though the average number of laureates per prize increased substantially during the 20th century, a prize may not be shared among more than three people.