President-elect Donald Trump was named Time magazine’s Person of the Year on Wednesday.

“It’s a great honor. It means a lot, especially me growing up reading Time magazine,” Mr. Trump said on NBC’s “Today” program after the announcement was unveiled.

“It’s [a] very important magazine and I’ve been lucky enough to be on the cover many times this year … and last year,” he said. “But I consider this a very, very great honor.”

The first runner-up was Hillary Clinton, Mr. Trump’s Democratic presidential rival.

Other runners-up were “The Hackers,” a nod to alleged breaches involving the U.S. government and the presidential campaign; Turkish President Recep Tayyip Erdogan; the CRISPR biomedical research pioneers; and Beyoncé, the performing artist.

German Chancellor Angela Merkel was named the Time Person of the Year in 2015, with Mr. Trump among those on the short list last year.

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