Since 1901, with an interruption in 1940 through 1942 and occasional no elect laureates for specific disciplines, the Nobel Prize has been awarded every year for achievements in chemistry, literature , peace , physics and physiology or medicine.
In 1968, the Royal Bank of Sweden established 'The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel', also known as the Nobel Prize for Economy. The award is given by the Royal Swedish Academy of Sciences according to the same principles as for the regular Nobel Prizes.
Likely the most coveted and highly reputed international prize for science and culture prowess, the Nobel Prize is administered by the Nobel Foundation in Stockholm, Sweden. Each prize consists of a medal, a personal diploma, and a substantial cash amount (9 million Swedish Krone in 2017, or about US$ 1,110,000, or €944,000 for an unshared prize).
The prize is named after Alfred Nobel (October 21, 1833 - December 10, 1896), a Swedish inventor and successful industrialist from an old family of engineers, inventors and entrepreneurs. In 1867 he patented an explosive material under the name of dynamite, which became the foundation of several highly profitable businesses. By the time of his death in 1896 he had 355 patents. In his last will of 1895, Nobel left all his fortune to the establishment of the eponymous prize.
Rumours have circulated that Alfred Nobel overlooked mathematics and did not establish a prize in this scientific discipline because he had a personal feud with another prominent Swede, the mathematician Mittag-Leffler, and would not like to offer the latter an opportunity to receive the award. Although there appear to have been ill feelings between the two men, the allegations are not supported by known evidence and they may be pure speculation. In any case, achievement in mathematics is currently recognized by the Fields medal, also considered as the Nobel for mathematics.