Fermat's Last Theorem nets Oxford professor £500,000

An Oxford academic who proved a mathematical theorem that had stumped scholars for 357 years has been named this year's recipient of an award described as the Nobel prize for maths.

Professor Sir Andrew Wiles has been awarded Norway's prestigious Abel prize - and six million krone (around £500,000) – for his "stunning" proof of Fermat's Last Theorem.

One of the best-known maths problems in the world, the theorem states that no three positive integers satisfy the equation x^n + y^n = z^n for any integer value of n greater than two. It was first formulated by Pierre de Fermat in 1637 but he never wrote it down, famously scribbling in margin of the text book he was using that the proof was too long to fit.

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The theorem remained unsolved until 1993, when Prof Wiles, then working at Princeton University, declared he had a working proof.

The committee in Oslo called the publication of Wiles's work "an epochal moment for mathematics" and said it would open the door to a "new era in number theory".

The Cambridge-born academic had been working on the theorem for seven years, after first becoming interested in the problem as a child.

"Fermat's equation was my passion from an early age and solving it gave me an overwhelming sense of fulfilment," he told the Daily Telegraph. He added it was a "tremendous honour" to receive the Abel and hoped his success would inspire young people to pursue a career in mathematics.

Wiles, who was knighted in 2000, will receive his prize and cheque from Crown Prince Haakon of Norway in a ceremony in Oslo due to take place in May.

Previous winners of the prize include John F Nash, the subject of the 2001 film A Beautiful Mind.