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    Home > Top Stories > Factbox-2024 Nobel prizes announced this week
    Top Stories

    Factbox-2024 Nobel prizes announced this week

    Published by Uma Rajagopal

    Posted on October 7, 2024

    3 min read

    Last updated: January 29, 2026

    This image features the iconic Nobel Prize trophies, representing the 2024 Nobel Prizes announcement. The article discusses the prestige of the awards in medicine, peace, and other fields, highlighting their impact on global recognition and scientific advancement.
    Illustration of Nobel Prize trophies symbolizing achievements in peace and science - Global Banking & Finance Review
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    Tags:awardsHuman DevelopmentPublic Health

    Table of Contents

    • WHAT IS THE NOBEL PRIZE?
    • FAMOUS AND INFAMOUS LAUREATES
    • THE FESTIVITIES

    STOCKHOLM (Reuters) – The Nobel prizes are to be announced this week, starting with the award for medicine or physiology on Monday.

    The awards, which are also given for achievements in physics, chemistry, literature and peace, come with a prize amount of 11 million Swedish crowns ($1.1 million) while the recognition alone can spur book sales and yield global fame.

    WHAT IS THE NOBEL PRIZE?

    The Nobel Prize was created by wealthy Swedish inventor Alfred Nobel, who in his will dictated that his estate should be used to fund “prizes to those who, during the preceding year, have conferred the greatest benefit to humankind.

    Nobel died in 1895 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

    Nobel named the Royal Swedish Academy of Sciences to award the prizes for chemistry and physics, the Swedish Academy for literature, Sweden’s Karolinska Institute medical university for physiology or medicine, and the Norwegian parliament for peace. It is not known why Nobel chose Norway, which at the time was in a union with Sweden, to hand out the peace prize.

    In 1968, when Sweden’s central bank was celebrating its 300th anniversary, it established the Prize in Economic Sciences in Memory of Alfred Nobel with a donation to the Nobel Foundation. The prize is awarded by the Royal Swedish Academy of Sciences, according to the same principles as the other prizes.

    FAMOUS AND INFAMOUS LAUREATES

    Notable Nobel laureates include scientists Albert Einstein, Niels Bohr and Marie Curie, authors Ernest Hemingway and Albert Camus, and inspirational leaders such as Nelson Mandela, Martin Luther King Jr. and Mother Teresa.

    While most achievements are still celebrated, some awards have not aged well, such as Egas Moniz’s 1949 prize in physiology or medicine for the since banned and discredited practice of lobotomy.

    Many peace prizes have also been criticized, including those for Henry Kissinger, Yasser Arafat, Yitzhak Rabin and Shimon Peres. Failure to give the prize to Mahatma Gandhi before his death in 1948 is also seen by many as a mistake.

    THE FESTIVITIES

    The Nobel prizes are presented to the laureates on Dec. 10, the anniversary of Nobel’s death. The peace prize is handed out by the chairman of the Norwegian Nobel committee in Oslo, while the other prizes are presented by the Swedish king in Stockholm’s Concert Hall.

    During the evening some 1,300 guests are treated to a lavish banquet at Stockholm City Hall. The banquet requires extensive planning and the food is prepared by a head chef leading a large team of cooks while more than 200 waiters serve up the various courses and wines.

    Months before the banquet, three menus suggested by selected chefs are presented to the Nobel Foundation for tasting. The selected menu is kept secret until the day of the Nobel Banquet.

    The menus aim to have a touch of Scandinavia and last year’s menu included a starter of baked beetroot with seaweed cream and sturgeon caviar, a main course of cod loin stuffed with king crab, and dessert of baked chocolate cream with a lingonberries compote.

    ($1 = 10.1509 Swedish crowns)

    (Reporting by Johan Ahlander and Niklas Pollard; Editing by Alex Richardson)

    Frequently Asked Questions about Factbox-2024 Nobel prizes announced this week

    1What is the Nobel Prize?

    The Nobel Prize is a set of prestigious international awards bestowed annually in several categories, including medicine, physics, chemistry, literature, and peace, recognizing significant contributions to humanity.

    2What is the significance of the Nobel Prize?

    The Nobel Prize not only honors outstanding achievements but also brings global recognition, often increasing the laureates' visibility and influence in their respective fields.

    3What is the Nobel Prize in Economic Sciences?

    Established in 1968 by Sweden's central bank, the Nobel Prize in Economic Sciences honors contributions to the field of economics, awarded based on the same principles as the original Nobel Prizes.

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