Alfred B. Nobel, a Swedish inventor and philanthropist, gave most of his vast fortune in trust as a fund from which annual prizes could be awarded to individuals and organizations who had achieved the greatest benefit to humanity in a particular year. Originally, there were six classifications for outstanding contributions designated in Novel's will including chemistry, physics, physiology or medicine, literature and international peace. The prizes are administered by the Novel Foundation in Stockholm. In 1969, a prize for economics to be funded by the Central Bank of Sweden was added.