Every year, the Nobel Prize winners are awarded a massive $1 million+ for pioneering research in various fields.
But who funds this? Where does all this money come from?
A thread🧵(1/5)
But who funds this? Where does all this money come from?
A thread🧵(1/5)
Well, the backstory of the awards goes like this. Swedish scientist Alfred Nobel made a fortune primarily through the invention of dynamite.
When he died in 1896, he did something unusual. (2/5)
When he died in 1896, he did something unusual. (2/5)
His will stated that the bulk of his assets would be given to an endowment to invest in "safe securities."
His investments included equities, fixed income, alternative assets, & real estate. The interest received from these investments will be distributed as prize money (3/5)
His investments included equities, fixed income, alternative assets, & real estate. The interest received from these investments will be distributed as prize money (3/5)
So basically, he bequeathed about $260M to create prizes to reward individuals who have made a beneficial impact in specific fields, scientific or cultural.
And thus, the Nobel Prize was born. (4/5)
And thus, the Nobel Prize was born. (4/5)
What’s more, is that the gold medal awarded has quite an astonishing price tag too. Each medal is 18 karats green gold plated with 24 karats (pure) gold, with an average weight of around 175 grams.
This makes the modern Nobel Prize medal worth close to $10,000. Fancy, eh? (5/5)
This makes the modern Nobel Prize medal worth close to $10,000. Fancy, eh? (5/5)
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