Nancie Atwell plans to donate the full amount to the Center for Teaching and Learning which she founded in 1990 in Edgecomb, Maine as a nonprofit demonstration school created for the purpose of developing and disseminating teaching methods. The school says 97 per cent of its graduates have gone on to university.
Atwell said that winning the award is a valedictory for her life's work, but that her true validation comes from the responses of students.
Atwell was selected from a pool of 1,300 applicants from 127 countries.
The top 10 finalists, which included two other teachers from the US and others from Afghanistan, India, Haiti, Cambodia, Malaysia, Kenya, and the UK, were flown to Dubai, United Arab Emirates for the ceremony.
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The winner was announced on stage by Sunny Varkey, founder of the non-profit Varkey Foundation that focuses on education issues and founder of the for-profit GEMS Education company that has more than 130 schools around the world.
After Atwell won the award, a young boy no older than 11 with a book bag strapped to his back waited patiently with his mother for a photograph with the winning teacher.
Varkey said that the award is aimed at fostering that kind of admiration for teachers and to say "to a celebrity-obsessed world that teachers are important and worthy of respect."
Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum and former US President Bill Clinton, who is honorary chair of the Varkey Foundation, were also on-hand to give Atwell the award.
"The other recognition I've received has been content-area specific," she said. "This is global... This is really an award for a body of work, for a lifetime of teaching."
Hundreds of teachers have visited her center in Maine over the years to learn its writing-reading practices.
Her school's eighth grade students read an average of 40 books per year, compared to the national average of about 10.