- In 1888 Alfred's brother Ludvig died while visiting Cannes and a French newspaper erroneously published Alfred's obituary. It condemned him for his invention of dynamite and is said to have brought about his decision to leave a better legacy after his death. The obituary stated, Le marchand de la mort est mort ("The merchant of death is dead") and went on to say, "Dr. Alfred Nobel, who became rich by finding ways to kill more people faster than ever before, died yesterday." Alfred (who never had a wife or children) was disappointed with what he read and concerned with how he would be remembered.
On 27 November 1895, at the Swedish-Norwegian Club in Paris, Nobel signed his last will and testament and set aside the bulk of his estate to establish the Nobel Prizes, to be awarded annually without distinction of nationality. After taxes and bequests to individuals, Nobel's will allocated 94% of his total assets, 31,225,000 Swedish kronor, to establish the five Nobel Prizes. This converted to £1,687,837 (GBP) at the time. In 2012, the capital was worth around SEK 3.1 billion (USD 472 million, EUR 337 million), which is almost twice the amount of the initial capital, taking inflation into account.