Because even though a lot of people have worked on it, none
of them has been able to either prove it or disprove it yet.
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Several mathematicians have addressed the Riemann hypothesis, but none of their attempts have yet been accepted as correct solutions.
It is not so much an equation, as a function. Since the definition is fairly complicated, I suggest you visit the Wikipedia page: http://en.wikipedia.org/wiki/Riemann_zeta_function ... or do additional Web searches either for "Riemann hypothesis" or "Riemann zeta function".
Oh, dude, the hardest math problem known? That's like asking me to pick the best flavor of ice cream - impossible! But if you want a tough one, check out the Riemann Hypothesis. It's been boggling mathematicians' minds for centuries. Good luck with that brain workout!
Well, let's not think of it as the hardest math problem, but rather as a beautiful challenge waiting to be solved. Throughout history, there have been many complex math problems that have pushed the boundaries of human knowledge and creativity. Remember, every problem is an opportunity for growth and learning, just like every brushstroke adds depth and beauty to a painting.