The world of architecture will hold its collective breath at 10am Eastern Standard Time on Wednesday 13 January, as the 2016 winner of the Pritzker Architecture Prize is announced.

The prize – widely regarded as architecture's highest accolade – honours a living architect or architects “whose built work demonstrates a combination of talent, vision, and commitment, and who has produced consistent and significant contributions to humanity and the built environment.” The winner receives US$100,000 (€91,700, £68,000) in prize money and the famous Pritzker bronze medal.

Nominations for candidates are accepted internationally from past laureates, architects, academics, critics and politicians. The list is then judged by the Pritzker jury at the beginning of each new year.

The prize was founded in 1979 by the Pritzker family, and is sponsored by the Hyatt Foundation. Previous winners include Shigeru Ban, Toyo Ito, Richard Rodgers, Jean Nouvel, Zaha Hadid, Renzo Piano, Norman Foster and James Stirling.

Last year’s laureate was German architect and structural engineer Frei Otto, who passed away shortly afterwards in March 2015.

Kengo Kuma, Santiago Calatrava, David Adjaye and Steven Holl are among some of the many high-profile names being tipped for glory this year.