The Genesis Prize Foundation was established by a charity founded to promote Jewish identity among Russian-speaking Jews worldwide.
It aims to honor "exceptional people whose values and achievements will inspire the next generations of Jews." It also recognizes ''exceptional human beings who, through their outstanding achievement, come to represent a fundamental value of the Jewish people — a commitment to the betterment of mankind."
Bloomberg was honored as the first winner of this for his long record of public service and philanthropy.
The prize is administered in partnership with the Israeli government and the Jewish Agency, and is open to those who have succeeded in various fields, including science, the arts, business and diplomacy.
Israeli Prime Minister Benjamin Netanyahu will present the prize to Bloomberg next year in Israel. Bloomberg will then announce to which philanthropic cause he will donate the 1 million dollars prize.
Bloomberg, whose third and final term as New York mayor is drawing to an end, said he was honored to be the prize's first recipient.
"Many years ago, my parents instilled in me Jewish values and ethics that I have carried with me throughout my life, and which have guided every aspect of my work in business, government, and philanthropy. The Genesis Prize embraces and promotes those same values and ethics — a common thread among the Jewish people worldwide that has helped move humankind forward for centuries," he said.
Bloomberg was chosen from more than 200 nominees from around the world.
Members of the prize committee included Holocaust survivor and Nobel Prize laureate Elie Wiesel, and Knesset Speaker Yuli Edelstein.