Barack Obama Named ‘Time’ Person of the Year

First America chose, now Time.

Barack Obama has been named the magazine’s Person of the Year.

In an understandable move, editors felt that the 47-year-old President-Elect owned 2008, for among other reasons “for infusing our democracy with a new intensity of participation, for showing the world and ourselves that our most cherished myth—the one about boundless opportunity—has plenty of juice left in it.”

Not easy to compete with.

Still, the magazine named four runners up: French president Nicolas Sarkozy, Governor of Alaska Sarah Palin, Secretary of the Treasury Henry Paulson and Beijing Olympics creative director Zhang Yimou.

Even Hollywood had a place on the annual list, with several luminaries turning up on the “People Who Mattered” list. They include Robert Downey Jr., Tina Fey and Twilight author Stephanie Meyer.

From the world of sport: Olympic champ Michael Phelps.

For other great features, including a comprehensive In Memoriam gallery, visit Time.