Nobel Prize team seeks to flout founder's will
Sunday 25 July 1999
Today he would get only a fraction of that. The Nobel Foundation, which bestows the world-famous prizes for scientists, writers and peacemakers, has fallen on hard times.
So concerned are the trustees that they are petitioning the Swedish government for permission to gamble on the stock exchange with what is left of Alfred Nobel's 1896 legacy.
He bestowed $3.6m for his prizes in Physics, Chemistry, Medicine, Literature and Peace and, paradoxically, the fund is now worth more than a third of a billion dollars. But only the interest can be used; and under the terms of his will the administrators can invest his fortune only in very safe but very low-yielding bonds.
Now Sweden faces a predicament: should the government ignore Nobel's wishes, and, if it does, what would happen if the trustees invested badly?
By 1920, inflation had reduced the value of the prizes to a quarter of their original worth. Exempted from tax in 1946, it still took until 1991 to restore their worth, says Michael Sohlman, director of the Nobel Foundation. He does not think even that is enough. "The aim is to increase the prize money in future years," he says.
Yet his efforts may be pointless. Few, if any, Nobel laureates are in it for the money.
sportBayern Munich 2 Manchester City 3: City come from two down to beat reigning European Champions
arts + ents... and a chance to paint Booker Prize winning author Hilary Mantel
The ten coldest places on Earth
Sir Ian McKellen hits back at Damian Lewis' 'fruity actor' claims
Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Nelson Mandela memorial: Cheers, jeers and a masterclass from Barack Obama that stole the show
- 1 Mountain goats' miraculous escape from avalanche captured in dramatic video footage
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 Sir Ian McKellen hits back at Damian Lewis' 'fruity actor' claims
- 4 Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
- 5 Selfie at funeral: Cameron squeezes in on Obama snap at Mandela memorial
- < Previous
- Next >
attractive: Citifocus: Highly prestigious Investment Management house based in...
£46,000 plus car and benefits: The Green Recruitment Company: The Green Recrui...
£50000 Per Annum dependent on experience: The Green Recruitment Company: The G...
£60k: Charter Selection: Prestigious ultra high end fit out and refurbishment ...