Mr Bloomberg said in a statement: “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.”
Mayor Bloomberg will donate the $1 million prize to a philanthropic cause, which he will announce early next year.
The charity hopes this annual award will soon gain the same prestige as the leading prizes of the world, including the Nobel Prizes and the MacArthur Awards.