In his will, alfred nobel stipulated that his legacy should be used to set up a foundation, and annual bonuses should be awarded to individuals or organizations that have made the greatest contributions in the fields of physics, chemistry, medicine, literature and equality. The Nobel Foundation was established on 1900. It operates as a private institution under Swedish law and is supervised by the Swedish government. The primary task of the foundation is to manage and distribute the prize money according to Nobel's wishes. The selection and awarding of prizes are the responsibility of the independent Nobel Prize Committee, corresponding to physics prize, chemistry prize, physiology or medicine prize, literature prize and peace prize respectively. Scholarships (officially called "Nobel Prize in Economics of Swedish Bank") are selected by the Monetary and Financial Committee of the Scientific Committee of the Royal Swedish Academy. The Nobel Foundation is not only responsible for awarding prizes, but also for managing Nobel's legacy and ensuring that these funds are properly invested to generate enough income to maintain the operation of prizes and the distribution of bonuses. With the passage of time, the Nobel Foundation has become one of the most famous and respected awarding institutions in the world.