US President Barack Obama was named Time magazine’s Person of the Year for 2012, citing his historic re-election last month as symbolic of the nation’s changing demographics amid the backdrop of high unemployment and other challenges.

Time editor Rick Stengel announced the choice on NBC’s Today programme on Wednesday.

“He’s basically the beneficiary and the author of a kind new America – a new demographic, a new cultural America that he is now the symbol of,” he said.

“He won re-election despite a higher unemployment rate than anybody had to face in basically 70 years. He’s the first Democrat to actually win two consecutive terms with over 50 per cent of the vote. That’s something we haven’t seen since Franklin Delano Roosevelt,” Stengel said, citing the President who served during the Great Depression and World War II.

In an exclusive interview with Time, Obama discusses the economy, his re-election and legacy. Plus, Time has the first look at four official White House photos, including one of Obama writing his Newtown speech while watching his daughter Sasha’s ballet rehearsal last Sunday.

Time also shot exclusive behind-the-scenes photos and a rare portrait of the President.

Obama first won the award as President-elect in 2008.

He edged out Malala Yousufzai, a Pakistani girl shot in the head by the Taliban for advocating girls’ education, for the honour, Stengel said.

Other finalists included Apple chief executive Tim Cook, Egyptian President Mohamed Morsi and scientist Fabiola Gianotti, he added.

President Obama in his private office aboard Air Force One.