He left a substantial inheritance to his daughter Angela Lina Balzan (1892–1956), who at the time was suffering an incurable disease.

Before her death, she left instructions for the foundation and since then it has two headquarters, the Prize administered from Milan, the Fund from Zurich.

After 1962, a gap of 16 years followed when prizes recommenced with an award of half a million Swiss francs to Mother Teresa.

Award ceremonies alternate between Bern and the Accademia dei Lincei in Rome, and frequently winners have later won a Nobel Prize.

The Balzan Prize committee comprises twenty members of the prestigious learned societies of Europe.