British mathematician Andrew Wiles of the University of Oxford has been awarded the prestigious $700,000 Abel Prize for his efforts in solving a centuries-old math problem with his proof of Fermat's Last Theorum in the early '90s. Although the theorem was suggested by Pierre de Fermat more than 350 years ago, some of the complex mathematical techniques that Wiles used to solve the mystery were not developed until the 20th century.

"It is a tremendous honor to receive the Abel Prize and to join the previous laureates who have made such outstanding contributions to the field," Wiles said. "Fermat's equation was my passion from an early age, and solving it gave me an overwhelming sense of fulfillment."

He added: "It has always been my hope that my solution of this age-old problem would inspire many young people to take up mathematics and to work on the many challenges of this beautiful and fascinating subject."

Fermat's theorem states: "There are no whole number solutions to the equation xn + yn = zn when n is greater than 2."

Although Fermat claimed that he had "discovered a truly marvelous proof of this, which this margin is too narrow to contain," he never got around to publishing it, and given the complexity of the techniques used in Wiles' proof, many believe that it is unlikely that he ever came up with an actual proof.

Wiles' accomplishment not only lays to rest a 350-year-old mystery, it also marks a rare occasion in the field of mathematics.

"Andrew J. Wiles is one of very few mathematicians - if not the only one - whose proof of a theorem has made international headline news," said the Norwegian Academy of Science and Letters. "In 1994 he cracked Fermat's Last Theorem which, at the time, was the most famous and long-running unsolved problem in the subject's history. Wiles' proof was not only the high point of his career - and an epochal moment for mathematics - but also the culmination of a remarkable personal journey that began three decades earlier."

The Abel Prize, which is awarded annually, was created in 2002 and is named after Norwegian mathematician Niels Henrik Abel.