The Nobel Prize was first awarded in 1901. The Nobel Prize is a set of annual international awards bestowed for academic, cultural, and/or scientific advances. The will of the Swedish industrialist, inventor, armaments manufacturer, and philanthropist Alfred Nobel established the Nobel Prizes in 1895, five years before his death. The will stipulated that the Nobel Prizes should be awarded to those who, in the preceding year, "shall have conferred the greatest benefit to humankind." The Nobel Prize is administered by the Nobel Foundation, and awarded by Royal Swedish Academy of Sciences on the basis of recommendations from the Nobel Committees for Physics, Chemistry, Physiology or Medicine, Literature, Peace, and Economic Sciences.