At their May meeting in Paris, The Clay Mathematics Institute of Cambridge, Massachusetts (CMI) named seven "Millennium Prize Problems," including The Poincare Conjecture and the Navier-Stokes Existence and Smoothness problem. Each solution is worth a $1 million prize from the Board of Directors of the CMI. The strict rules of competition (for example, a proposed solution must be published in a refereed mathematics journal of worldwide repute and also have general acceptance in the mathematics community two years before being considered for the prize) as well as a statement of purpose are available at the site. The historical background given on Hibert, the German mathematician who formulated 23 classic problems that "have inspired and guided the minds of mathematicians throughout the last century," is an insightful read for scholars of mathematics.