The Genesis Prize Foundation said today that Bloomberg was the winner of the inaugural prize.
According to the foundation, the award recognises "exceptional human beings who, through their outstanding achievement, come to represent a fundamental value of the Jewish people."
Prime Minister Benjamin Netanyahu will present the prize early next year in Israel.
The foundation says Bloomberg will then announce to which philanthropic cause he will donate the prize.
The foundation quoted Bloomberg as saying he was honoured to be prize's first recipient. He noted his parents "instilled in me Jewish values and ethics that I have carried with me throughout my life.