The Nobel Foundation is a private institution established on June 29, 1900, to manage the finances and administration of the renowned Nobel Prizes. This prestigious legacy stems from the last will of Alfred Nobel, the wealthy Swedish chemist, engineer, and inventor of dynamite, who passed away in 1896. His surprising will, signed in 1895, bequeathed 94% of his substantial fortune (31 million Swedish kronor, equivalent to about $266 million today) to create awards for those who "conferred the greatest benefit on mankind."
The will specified five categories: physics, chemistry, physiology or medicine, literature, and peace, emphasizing that nationality should not influence the selection. Founded by Nobel's executors Ragnar Sohlman and Rudolf Lilljequist, the Foundation navigated initial skepticism and hurdles, finally awarding the very first Nobel Prizes on December 10, 1901, to distinguished recipients like Wilhelm Conrad Röntgen. Today, the Foundation continues to manage its significant assets, which amounted to 5.2 billion Swedish kronor (approx. US$630 million) as of 2020, and also organizes Nobel Symposia on vital global topics.