Awarded annually since 1982, the prizes are given in recognition of excellence in music, agriculture, chemistry, mathematics, medicine and physics.
Austrian composer Neuwirth studied at the Vienna Academy of Music and Performing Arts plus the San Francisco Conservatory of Music.
"The Jury recognizes Olga Neuwirth’s outstanding mastery, artistry, and communicative skill as a composer of today," said the Wolf Foundation.
"Both Olga Neuwirth and Stevie Wonder, though fundamentally different in genre and style, have pushed the boundaries of their art, each in his/her own realm of expression, to serve as a vehicle for universal values and humanistic ideals."
Previous recipients include Paul McCartney, Olivier Messiaen, Vladimir Horowitz, Issa Stern, Yehudi Menuhin, Riccardo Muti, Jessye Norman, Murray Perahia, Daniel Barenboim and Zubin Mehta.