All eyes are set on October 10, when the Nobel Prize for Peace will be announced. US President Donald Trump has created a hype by publicly claiming that he should get the most prestigious prize as he has ended seven wars since he was sworn in on January 20, 2025. Contrary to public perception, the Nobel Prizes are not awarded by one institution, it is given by different institutions. These include the Royal Swedish Academy of Sciences (for physics, chemistry and economics), the Nobel Assembly at the Karolinska Institutet (for medicine), the Swedish Academy (for literature) and the Norwegian Nobel Committee (for peace).

What is prize money?

At a glittering ceremony, the laureates are given a gold medal, a diploma and a cash award funded by the Nobel Foundation, which manages Nobel’s endow

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