The Nobel Foundation, located in Sweden, was founded on the legacy of Alfred Nobel. Nobel was a talented inventor and businessman who held hundreds of patents. In his will, he designated a large portion of his earnings for those who dedicated their lives for science, art and peace. Nobel Prize winners are known as Noble Laureates. The term “Laureate” refers to a Greek tradition in which a person's achievements are honored with a laurel wreath. These wreaths signified a special status among the people. Each year’s Nobel Laureates are revealed at the beginning of October. On the anniversary of Alfred Noble’s death, December 10, the winners are officially honored by the Swedish monarch. There is a significant gender gap in Nobel Prize recipients; the award has been given to women 45 times since its inception. The youngest Nobel winner was just 25 when he received his prize. Nobel Prizes are generally presented in Stockholm, Sweden. The Nobel Peace Prize is awarded in Oslo, Norway.