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Here’s your chance to win $1 million! Yes, really!

STOCKHOLM, Sweden - A Swedish billionaire wants a newly-organized United Nations system, or an entirely new form of global governance, and he's willing to pay big bucks for it - $5 million in prizes to those with the best ideas.

$1 million goes to the best entry, and another $4 million will be shared among the remaining winning entries.

Laszlo Szombatfalvy, 88, is an investor whom Business Insider Nordic calls "The Warren Buffett of Sweden."

Szombatfalvy believes the UN is failing because countries are not able to effectively communicate and agree upon issues with a far-reaching global impact.

The billionaire is seeking ideas for a re-vamped or a new global governance system to be able to address and agree upon what he believes are some of the world's biggest problems - climate change, environmental damage, politically-motivated wars, extreme poverty, and rapid population growth.

Szombatfalvy created the Global Challenges Foundation, which states that it is searching for participants to "design a governance model able to effectively address the most pressing threats and risks to humanity. In other words, the task is not to come up with direct solutions to specific problems. Rather, it is to design a general model for decision-making, with the aim of generating such solutions and the ability to do so, and possessing the resources to effectively implement them."

Proposals for "A New Shape" competition are open to everyone worldwide and must be submitted in under 9,250 words in either English, Spanish, French, Mandarin, Russian, or Arabic.

Entries will be accepted here beginning April 1st until the end of September. Good luck!