The list, which was initially disclosed to NBC's "Today Show," includes Chinese President Xi Jinping, American music sensation Taylor Swift, and the British monarch, King Charles III.
The shortlist also features Jerome Powell, the chairman of the Federal Reserve, the blockbuster movie "Barbie," and Sam Altman, the CEO of OpenAI.
Taylor Swift, who recently joined the billionaire club in October, as reported by Bloomberg, is recognized as one of the most influential figures in the music industry. The "1989" singer-songwriter is among the rare musicians to achieve this financial milestone solely through music releases and performances.
"Taylor is in a unique position, in terms of monetizing her talent. In an era where artists have lost millions — as album sales gave way to digital downloads — she’s actually riding the tech wave, instead of going out with the digital tide," branding expert Doug Eldridge told FOX Business.
In a press conference concluding the U.S.-China summit in San Francisco, President Biden referred to Xi Jinping as a "dictator." This was in response to a reporter's question about whether Biden would continue to use this term for Xi, which he had initially used in June.
"Well, look, he is. He's a dictator in the sense that he's a guy who runs a country that is a communist country, that is based on a form of government that is totally different than ours," Biden stated.
Biden's initial reference to Xi as a "dictator" came in the wake of a Chinese spy balloon crossing the continental U.S., which sparked controversy after the president waited until it was off the South Carolina coast before ordering its interception.
King Charles III, who recently celebrated his 75th birthday, has occasionally been eclipsed by media coverage of Prince Harry and Meghan Markle this year.
Christopher Andersen, author of "The King," told Fox News Digital that Harry distanced himself from his father after he penned an explosive memoir titled "Spare," which included details about the king's beloved wife, Camilla.
In 2022, TIME named Ukrainian President Volodymyr Zelenskyy as its "Person of the Year," outshining nine other individuals or groups who were finalists. The "spirit of Ukraine" was also honored in acknowledgment of Ukrainians’ resistance to the Russian invasion of their country.
Russian President Vladimir Putin also made the shortlist from TIME staff, as his country continues its conflict with Ukraine. Putin was previously named the 2007 TIME Person of the Year.