US Treasury Secretary Henry Paulson, French President Nicolas Sarkozy, Governor Sarah Palin and Chinese director Zhang Yimou as selected as runners-up.
Time magazine said its 'Person of the Year' selection was done after analysing who was the 'person or persons who most affected the news and our lives, for good or ill, and embodied what was important about the year.'
Russian Prime Minister Vladimir Putin was selected as the 'Person of the Year' in 2007. Previous individual winners include US President George W Bush, Amazon.com CEO and founder Jeff Bezos.
OneIndia News (With inputs from Agencies)