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Swedish inventor and scholar Alfred Nobel, who made a vast fortune from his invention of dynamite in 1866, ordered the creation of the famous Nobel prizes in his will.Nobel had decreed that the bulk of his estate should be invested in "safe securities" and, as a result, about 31.5 million Swedish kronor, equivalent today to about 1.7 billion kronor ($210 million), were used to create the Nobel Foundation.Since 1901, the year the first Nobel prizes were awarded, the Nobel Foundation has funded the awards.After more than three years of haggling, the Nobel Foundation was created to manage the capital in the inventor's estate, and four institutions agreed to award the prizes as Nobel had wished.
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