Michael Douglas has received the Genesis Prize.

The 'Wall Street' actor was joined by with Catherine Zeta-Jones and their children Dylan, 14, and Carys, 12, at a ceremony in Israel, where he picked up honour which has been dubbed the 'Jewish Nobel Prize'.

The 70-year-old star was awarded the prize for his work promoting a more welcoming and inclusive Judaism.

The ceremony's host, Jay Leno, said: ''The mission of the Genesis Prize group is to honour excellence in one's chosen professional field, and whose actions and achievements embody the character of the Jewish people who are committed to Jewish values, the Jewish community at large and the State of Israel. And that perfectly describes my friend, Michael.

''At a time when people around the world debate 'Who is a Jew,' choosing Michael Douglas has a profound meaning.''

According to the Jerusalem Post newspaper, Michael picked up a $3.5 million prize, with $1 million coming from the Genesis Prize Foundation, $1.5 million from the Jewish Funders Network and the final $1 million from businessman Roman Abramovich.

The 'Behind the Candelabra' star will now work with the foundation to find the most beneficial way to re-gift the money to help the Jewish community.

And the actor appeared tearful in his acceptance speech at the Jerusalem theatre as he urged followers of the faith to ''open their tent flaps... so that all who want to come in and join our tribe know they are welcome.''

He added: ''For if we make those on the outside feel unwelcome, they will never know the joys that I have known: of being welcomed among my brothers and my sisters in a Jewish land; I will always come back to this blessed and heroic place, which for me will always be home.''