section_path: Abstract
section_name: Abstract
paragraph_text: The Nobel Prizes (/ n oʊ ˈ b ɛ l / noh- BEL; Swedish: Nobelpriset; Norwegian: Nobelprisen) are awards administered by the Nobel Foundation and granted in accordance with the principle of "for the greatest benefit to humankind". The prizes were first awarded in 1901, marking the fifth anniversary of Alfred Nobel's death. The original Nobel Prizes covered five fields: physics, chemistry, physiology or medicine, literature, and peace, specified in Nobel's will. A sixth prize, the Prize in Economic Sciences, was established in 1968 by Sveriges Riksbank (Sweden's central bank) in memory of Alfred Nobel. The Nobel Prizes are widely regarded as the most prestigious awards available in their respective fields.
  
  Except in extraordinary circumstances, such as war, all six prizes are given annually. Each recipient, known as a laureate, receives a green gold medal plated with 24 karat gold, a diploma, and a monetary award. As of 2023, the Nobel Prize monetary award is 11,000,000 kr, equivalent to approximately US$1,035,000. The medal shows Nobel in profile with "NAT. MDCCCXXXIII-OB. MDCCCXCVI" which is his year of birth, 1833 (NAT) and year of death, 1896 (OB). No more than three individuals may share a prize, although the Nobel Peace Prize can be awarded to organisations of more than three people. Nobel Prizes are not awarded posthumously, but if a person is awarded a prize and dies before receiving it, the prize is presented.
  
  Between 1901 and 2024, the five Nobel Prizes and the Prize in Economic Sciences (since 1969) were awarded 627 times to 1,012 people and organisations. Five individuals and two organisations have received more than one Nobel Prize.