On Nov. 27, 1895, Alfred Nobel signed his last will at the Swedish-Norwegian Club in Paris. He specified that the bulk of his fortune should be divided into five parts and to be used for prizes in physics, chemistry, physiology or medicine, literature and peace to “those who, during the preceding year, shall have conferred the greatest benefit to humankind.”

Alfred Nobel died one year later, at the age of 63, in his home in Sanremo, Italy. On Jun. 29, 1900, the Nobel Foundation was created as a private institution to manage the finances and administration of the Nobel Prizes.

Alfred invented dynamite and experimented in making synthetic rubber, leather and artificial silk among many other things. During his lifetime he acquired 355 patents worldwide. Based on Alfred’s work and patents a whole new industry developed. Within ten years, 16 explosives producing factories had been founded in 14 countries with Nobel as shareholder or co-owner.