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"Graceland" singer-songwriter Paul Simon and cellist Yo-Yo Ma are this year's Polar Prize laureates.

The annoucement of the prestigious Swedish award, which is also one of the biggest monetary music prizes in the world, was announced in Stockholm on Tuesday (May 7).

Simon and Ma will each receive one million Swedish Krona, equivalent to 146,000 U.S. dollars.

Simon shot to fame in the 1960s as half of duo Simon and Garfunkel and later, as a solo artist, produced the groundbreaking album "Graceland" in 1986.

It featured the now critically-acclaimed Ladysmith Black Mbazo (mum-bazo) and at the time, sparked controversy as Simon turned his back on an international recording boycott with South African musicians brought on by apartheid policies.

Simon has called the album his greatest career achievement.

The Polar Prize committee lauded Simon's skills as a "world-class songwriter".

SOUNDBITE: Chairman Of The Polar Music Prize Award Committee Alfons Karabuda, saying (English):

"His ability to really be a perfectionist, you know in detail of the music that he has done. He's polishing his music until it's a bright diamond."

Ma was also praised for his many achievements including the nonprofit arts and educational organisation the Silk Road Project.

But the committee said this prize was for his work as a musician.

Ma is one of the biggest classical musicians of all time, selling 75 million albums worldwide and winning 15 Grammy awards.

SOUNDBITE: Chairman Of The Polar Music Prize Award Committee Alfons Karabuda, saying (English):

"That is one of the strengths with him - you can listen to Yo-Yo Ma every day, anytime because he has done so much."

Next up will be a special ceremony attended by members of the Swedish royal family, which will take place in Stockholm in August.

Cindy Martin, Reuters