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How did Alfred Nobel’s will establish the Nobel Prizes?

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In his 1895 will, Alfred Nobel directed that the bulk of his fortune be invested in safe securities to create a fund. The annual interest from this fund was to be distributed as prizes to individuals who, during the preceding year, had conferred the "greatest benefit on mankind" in five specific fields: physics, chemistry, physiology or medicine, literature, and peace.123

Nobel stipulated that the prizes should be awarded without regard to the candidate's nationality. He designated four institutions to oversee the selections:2
* Physics and Chemistry: Royal Swedish Academy of Sciences23
* Physiology or Medicine: Karolinska Institute23
* Literature: Swedish Academy23
* Peace: A committee of five persons elected by the Norwegian Storting (now the Norwegian Nobel Committee)23

Following his death, the Nobel Foundation was established to manage the funds and carry out the provisions of his will, ensuring these prestigious awards continue to honor significant intellectual and humanitarian achievements.3