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The Abel Prize is an international award awarded annually by the Norwegian Mathematical Society to one or two mathematicians. Its name is derived from the name of the Norwegian scientist Nils Henrik Abel . This award is described as the Nobel Prize for Mathematics because the Nobel does not award it for scientific contributions to the field of mathematics , rivaling the Fields Medal . The prize money is 6 million Norwegian kroner (1 million dollars ). It is one of the largest prizes awarded in the field of mathematics , with a financial value of up to 800 thousand dollars . In 2008 , the value of the prize reached more than one million dollars. The history of the Abel Prize dates back to 1899, when the Norwegian mathematician Sophus Lee proposed its founding when he learned that Alfred Nobel's plans for the annual prizes would not include a prize in mathematics . In 1902 , King Oscar II of Sweden and Norway announced his willingness to fund a mathematics prize to supplement the Nobel Prizes , but the prize was not established due to the dissolution of the union between Norway and Sweden in 1905 . It took nearly a century before the award was finally established by the Government of Norway in 2001, and their purpose was specifically to "give mathematicians the equivalent of a Nobel Prize". The winners are selected by the Abel Committee, whose members are appointed by the Norwegian Academy of Sciences and Letters. The award ceremony takes place at the University of Oslo , where the Nobel Peace Prize was awarded between 1947 and 1989 . The Abel Prize Board also established the Abel Symposium, which is run by the Norwegian Mathematical Society.