The prize ceremonies take place annually in Stockholm, Sweden (with the exception of the peace prize, which is held in Oslo, Norway). Each recipient, or laureate, receives a gold medal, a diploma, and a sum of money that has been decided by the Nobel Foundation. (As of 2017, each prize is worth SEK 9,000,000 or about US$1,110,000, €944,000, £836,000 or INR 72,693,900) The Nobel Prize is widely regarded as the most prestigious award available in the fields of literature, medicine, physics, peace, chemistry and economics.
The prize is not awarded posthumously; however, if a person is awarded a prize and dies before receiving it, the prize may still be presented. Though the average number of laureates per prize increased substantially during the 20th century, a prize may not be shared among more than three people, although the Nobel Peace Prize can be awarded to organizations of more than three people.