Samuel Yin, a Taiwanese businessman who made his fortune by investing in real estate, finance, and retail, has established a new research prize called the Tang Prize, ScienceInsider reports. The Tang Prize, named after China's Tang Dynasty, which Yin says was a golden age for China, is to recognize research in the fields of biopharmaceuticals, law, sinology, and sustainable, ScienceInsider adds.
The prize is to come with a $1.36 million award as well as $341,000 in funding for five years to support further research by prize recipients. The cumulative $1.7 million, ScienceInsider notes, is more than what the Nobel Prize comes with, which was about $1.2 million in 2012. Yin has endowed the Tang Prize Foundation with $102 million.
The prize is to be awarded biennially.