On Nov. 27, 1895, Alfred Nobel signed his last will 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.”

On Jun. 29, 1900, the Nobel Foundation was created as a private institution to manage the finances and administration of the Nobel Prizes.