Tim Berners-Lee, the Brit credited with inventing the World Wide Web, has been awarded the first-ever Millennium Technology Prize and one million euros (about £667,400).

The award was bestowed by the Finnish Technology Award Foundation as an international acknowledgement of outstanding technological innovation that directly promotes people's quality of life, is based on humane values, and encourages sustainable economic development.

Former secretary-general of the International Telecommunication Union and chairman of the International Award Selection Committee Pekka Tarjanne said: "The Web has significantly enhanced many people's ability to obtain information central to their lives. The Web is encouraging new types of social networks, supporting transparency and democracy, and opening up novel avenues for information management and business development."

Berners-Lee is credited with creating the World Wide Web in the early 1990s while working for the Cern Laboratory, the European centre for nuclear research near Geneva, Switzerland. His graphical point-&-click browser, World Wide Web, was the first client that featured the core ideas included in today's browsers, reports the Guardian.

Berners-Lee, who was knighted in December last year, beat 78 other inventors from 22 countries and a range of different industries to the award.