section_path: Background
section_name: Background
paragraph_text: Background
  
  Alfred Nobel, in his last will and testament, stated that his wealth should be used to create a series of prizes for those who confer the "greatest benefit on mankind" in the fields of physics, chemistry, peace, physiology or medicine, and literature. Though Nobel wrote several wills during his lifetime, the last one was written a year before he died and was signed at the Swedish-Norwegian Club in Paris on 27 November 1895. Nobel bequeathed 94% of his total assets, 31 million Swedish kronor (US$2.9 million, or €2.7 million in 2023), to establish and endow the five Nobel Prizes. Owing to the level of skepticism surrounding the will, it was not until 26 April 1897 that it was approved by the Storting (Norwegian Parliament). The executors of his will were Ragnar Sohlman and Rudolf Lilljequist, who formed the Nobel Foundation to take care of Nobel's fortune and organise the prizes.
  
  The members of the Norwegian Nobel Committee who were to award the Peace Prize were appointed soon after the will was approved. The other prize-awarding organisations followed: Karolinska Institutet on 7 June, the Swedish Academy on 9 June, and the Royal Swedish Academy of Sciences on 11 June. The Nobel Foundation then established guidelines for awarding the prizes. In 1900, the Nobel Foundation's newly created statutes were promulgated by King Oscar II. According to Nobel's will, the Royal Swedish Academy of Sciences would award the Prize in Physics.