Two teachers from the UK have made it to the finals of the inaugural Varkey GEMS Foundation Global Teacher Prize, which will award one million dollars to the winner.

Richard Spencer, a biology teacher at Middlesbrough College, Tom Bennett, a philosophy and RE teacher at Jo Richardson Community School in Dagenham, are among 50 finalists vying for the international award.

The US leads in the number of nominations, with 16 professionals working in the North American country. Other nationalities represented include Kenya, Germany, China and Afghanistan.

Set up by the charitable department of the Dubai-based GEMS private school chain, the award's origins lie in the simple desire to raise the status of the profession globally.

Announcing the scheme this spring, Sunny Varkey, founder of the Varkey GEMS Foundation, said that he was keen on drawing attention to the successes of teachers around the world and "the enormous impact they have on all of our lives".

"They must be returned to their rightful position as the most respected profession in society, which is properly rewarded and celebrated," he explained back in March.

"This prize is not just about money. It’s about unearthing thousands of stories of courage and inspiration. We want to inspire children from far-flung villages, towns and cities around the world to say ‘I want that prize!’ How many kids say they want to be a reality TV star? Let’s get them aiming to be the greatest teacher in the world."

Judges will assess teachers based on a number of criteria including showcasing role model sensibilities, sharing ideas and best practice with other teachers, innovating in teaching and adding to the public debate on education.

Commenting on news of Mr Spencer and Mr Bennett making it to the finals, Russell Hobby, leader of the National Association of Head Teachers, said that it is fair to say that teachers, wherever they may be based in the world, do not enter the profession for the money.

"What motivates teachers is the transformative power they have in the classroom - the opportunity to change young lives for the better," he said.

"But teachers will also tell you that they're often undervalued. This prize could showcase teaching at its best and show teachers that they are highly valued."