Select Page

Swedish businessman of Hungarian origin offers money for anyone establishing the ultimate new global governance

Swedish businessman of Hungarian origin offers money for anyone establishing the ultimate new global governance

Ever wondered about establishing a new global governance-system that could successfully replace the current one? Well, hesitate no more, because a Swedish billionaire of Hungarian origins offered a five-million-dollar award for anyone who can create the new system.

The Business Insider writes that one of the most successful business investors of Sweden, Laszlo Szombatfalvy is calling people to participate in the ‘A New Shape’ competition and thus to “rethink global governance”. He is issuing an award of about five million USD for anyone who can come up with the best solution to replace our current global governance system.

Szombatfalvy is originally from Hungary, but he escaped the country and moved to Sweden in 1956 when Hungary was under Soviet oppression. He has now “one of the world’s best investing track records [and] over 45 years, he has achieved and average annual return of 30 per cent”. The businessman encourages the attempts to solve global issues, including donating over half a billion SEK (about 50 million USD) through Global Challenges Foundation, which is his fund.


He voices his belief that “radical measures are required to tackle inequality, and that the world’s rich need to take more responsibility”. Especially as the global governance system appears to be failing. He told Veckans Affärer that politicians cannot even agree on the division of costs between countries, nor on the responsibilities future generations will face. Currently, only national interests on the short run dominate politics.

The Global Business Leadership Summit was held in Budapest in November

Therefore, the Global Challenges Prize is announced to award an amount of five million USD “in prizes for the best ideas that re-envision global governance for the 21st century”. The proposals submitted through the competition, ‘A New Shape’, may entirely create a new global framework or the reformation of already existing systems. Any individual or organisation can apply and submit their proposals until May 2017. Apparently, at least one million USD will be given to the winner.

Moreover, the Business Insider shares Szombatfalvy’s 4 advice for young people, which shall be kept in mind:

Be conscious of the fact that you are not only your own country’s citizen; you are a global citizen.

Realise, that your children’s and grandchildren’s living conditions will depend on other countries’ citizens to a growing extent, even more than on their compatriots.

Understand, that, without a global governance system that can tackle global risks, the likelihood of major catastrophes will become incomparably higher.

Demand action from your elected politicians! Vote out the incompetent people – you cannot afford them!

Photo: The Global Challenges Prize 2017: A New Shape –

Copy editor: bm


Leave a reply

Your email address will not be published.



Subscribe to our newsletter.


Pin It on Pinterest