Time Magazine has named U.S. President-elect Donald Trump Person of the Year, citing the upheaval in American politics brought about by the election campaign and victory of the New York businessman.

"It’s hard to measure the scale of his disruption," Time said in its announcement on Wednesday, noting Trump's eclectic career as real estate magnate and reality television star before winning the highest office in the land.

"For those who believe this is all for the better, Trump’s victory represents a long-overdue rebuke to an entrenched and arrogant governing class," it said.

The magazine said its short list included Trump's rival in the 2016 presidential race, Democrat Hillary Clinton, as well as Turkish leader Tayyip Erdogan and singer Beyonce.

"It's a great honor, it means a lot," Trump told NBC's "Today" show in an interview shortly after the announcement.