(VOVWORLD) - This year’s Nobel season begins on Monday with the announcement of the Nobel Prize in Medicine, which will be followed by the awarding of the prizes in Physics, Chemistry, and Economics. The Nobel Peace Prize winner will be unveiled on Friday, while the date to announce the prize in Literature has not been set. The Nobel Foundation has decided to increase the prize money by 120,000 USD.
 The prize is named after the Swedish inventor Alfred Nobel (Photo: Wikipedia) |
The Peace Prize is awarded in Oslo, Norway, while the other prizes are awarded in Stockholm, Sweden. The Nobel Prize is announced annually since 1901 in recognition of an individual’s achievements in Physics, Chemistry, Medicine, Literature, and Peace. The Prize in Economic Sciences was created in 1968. The prize is named after the Swedish inventor Alfred Nobel.
The nomination processes start in September each year. The Nobel Committee selects between 250 and 350 candidates from the total 3,000 nominees. From June to August, the Committee submits a proposal for final candidates to the Academy. The Academy then makes the final selection of the Laureates through a majority vote.
So far, more than 750 prizes have been awarded. The US has the largest number of prizes, 258, followed by the UK with 98, and Germany with 80 prizes.
This year, each laureate will receive a gold medal, a diploma and a sum of money worth 1.1 million USD, 120,000 USD higher than in previous years. In 2012, the amount for each Nobel Prize was cut by 20% for long-term budget balance.