How often is Noble peace prize awarded? Judges, prize money and all about prestigious award

The Nobel Peace Prize is one of the highest honors in the world and is given each year to an individual or organization for outstanding efforts towards peace, democracy, or humanitarian work. The award was established in the will of Swedish inventor Alfred Nobel and identifies leaders, activists, and organizations, who focus on making the world a more peaceful and just place, since 1901.

The Nobel Peace Prize is given annually, usually in October, at the Norwegian Nobel Institute in Oslo. The award ceremony is typically held at a later date in December. Since the beginning, the Peace Prize has been awarded 105 times to a total of 139 laureates - 92 men, 19 women, and 28 organizations.

While normally an annual award, there have been occasions where no Nobel Prize for Peace was awarded, often due to significant war conflicts between countries during World Wars when the committee could not find someone suitable or believed all peace efforts had stopped.

The Nobel Peace Prize is unique among the Nobel awards because it is credited to Norway instead of Sweden. The Norwegian Nobel Committee was established by the Storting (the Parliament of Norway) in 1897 to choose the laureates of the prize. The committee is composed of five members serving a six-year period and who may be re-elected.

A look into the current Norwegian Nobel Committee members and María Corina Machado's recent Nobel Peace Prize award announcement

Members represent the balance of political forces in Norway's Parliament, although members cannot hold political office while serving on the committee. The committee operates independently and deliberates all committee matters in total confidentiality. Nominations close on January 31 each year, and the final decision is usually announced in early October.

The Norwegian Nobel Committee is made up of five members with different professional and political backgrounds. Jørgen Watne Frydnes, who is the current Chair, is a human rights advocate and secretary-general of PEN Norway, is acknowledged as the youngest-ever chair.

The Vice Chair is Asle Toje, a scholar and foreign policy expert, who has previously served as a research director at the Nobel Institute and is conservative.

Veteran Norwegian Centre Party politician Anne Enger has served as a Minister and is held in high regard for her work on social and cultural policy. Kristin Clement, economist and former education minister for the Conservative Party with long knowledge in governance and educational reform, is also part of the members list.

The committee is rounded out by Gry Larsen, another Labour politician who currently chairs CARE Norway, which has a global focus on support aid and working for the rights of women.

María Corina Machado es la ganadora del premio Nobel de la Paz 2025 "por su incansable labor en la promoción de los derechos democráticos del pueblo de Venezuela y por su lucha por lograr una transición justa y pacífica de la dictadura a la democracia." pic.twitter.com/f9rPJmfS5n pic.twitter.com/x4W4nXkqsn

— Monica Garza (@monicagarzag) October 10, 2025

Nobel Peace Prize award winners are awarded a gold medal, diploma and prize money. As of 2025, the reward is worth 11 million Swedish kronor ($1 million). This amount is given by the Nobel Foundation that administers the fortune provided by Alfred Nobel.

The 2025 Nobel Peace Prize was won by Venezuelan opposition leader Maria Corina Machado for her efforts to promote democratic rights and the peaceful transition from dictatorship to democracy.

While announcing the award, Nobel Committee Chair Jørgen Watne Frydnes said Machado is a “courageous and fearless champion of peace,” celebrating her for bringing Venezuela’s divided opposition together, inspiring millions as she lived in hiding under the threat for her life.

Machado, who responded to the news with “shock,” noted that the recognition pays homage to Venezuelans fighting for freedom. Venezuela is repressed by an authoritarian government headed by President Nicolás Maduro, whose 2024 election to a new presidential term is widely considered illegitimate.