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. They were to be awarded annually and without distinction of nationality.
Rumor has it that an erroneous publication in 1888 of his obituary by a French newspaper, condemning his invention of dynamite, made him decide to leave a better legacy to the world. The obituary stated Le marchand de la mort est mort ‘The merchant of death is dead’; "Dr. Alfred Nobel, who became rich by finding ways to kill more people faster than ever before, died yesterday."
The amount set aside for the Nobel Prize foundation was 31 million kronor or $4,223,500