The term "Nobel" refers to a prestigious international award that recognizes exceptional achievements in the fields of physics, chemistry, medicine or physiology, literature, and peace. The Nobel Prize is awarded annually by the Nobel Foundation in Stockholm, Sweden, and has been since 1901. It was established by Alfred Nobel, a Swedish inventor, businessman, and philanthropist who made his fortune from the development of dynamite. After his death in 1896, he left much of his wealth to establish the Nobel Prizes as a means of promoting world peace, science, literature, and humanitarian efforts. The Nobel Prize is widely considered one of the most prestigious honors in the world, and recipients are chosen by committees composed of leading experts in their respective fields.