The ceremony starts at 1500 GMT and features glamorous formal wear, with the men in white tie and tails and women in flowing gowns and elegant hairdos. Ceremonies in 2020 and 2021 were scaled back and there was no banquet.
Five of the six Nobel prizes are awarded in Stockholm every year after a nomination process that is kept secret for the next 50 years. The Nobel Peace Prize is awarded in Oslo where separate festivities are held. Dynamite inventor Alfred Nobel left around 31 million crowns- about 1.8 billion crowns in today’s money according to the Foundation – to fund prizes for achievements in science, literature and peace awarded annually since 1901.
After the ceremony, there is a banquet in City Hall, attended by Sweden’s royal family, government officials and dignitaries and business leaders from different countries. Swedish political party leaders are always invited to the banquet.