It was announced yesterday (September 06, 2010) that Jacob Palis (one of the leaders of Brazilian school of Dynamical Systems, Emeritus Professor at IMPA, former president of IMU, president of TWAS [Third World Academy of Sciences], etc.) was one of the four winners of the Balzan prize 2010.
The award fields vary each year and they can be related to both humanities (e.g., literature and arts) and natural sciences (e.g., medicine, mathematics, physics, biology).
Concerning the specifics of this prize, each winner receives 750.000 Swiss Francs (approx. 740,000 dollars) and half of each prize must be destined to research work (with strong emphasis on works involving young scholars and researchers).
[Update (September 11, 2010): After talking to Jacob, he pointed me out that there is a list of previous winners of Balzan prize at the official website here. The complete list of Balzan prize winners in Mathematics is quite impressive: A. Kolmogorov (1962), E. Bombieri (1980), J.-P. Serre (1985), A. Borel (1992), M. Gromov (1999), P. Deligne (2004), J. Palis (2010).]