The list is divided into five categories -- titans, leaders, artists, pioneers and icons -- and this year the magazine has released seven cover portraits of honorees "who reflect the breadth and depth" of the list.
Brooklyn's own Jay-Z graces one of seven covers that have been released for this year's edition.
"This is a guy who almost everything he touches turns to gold," Assistant Managing Editor Rana Foroohar told 1010 WINS.
Each profile in Time's list is accompanied by a testimonial from a noteworthy figure.
New York City Mayor Michael Bloomberg praised Jay-Z, writing that the rapper turned entrepreneur embodies the American dream and has never forgotten his roots.
"'Empire State of Mind' was a love song to our city — and as a co-owner of the NBA Nets, he helped bring a major league sports team back to Brooklyn, not far from his old neighborhood," Bloomberg wrote. "In nearly everything he's tried, he's found success. (He even put a ring on Beyoncé.) And in doing so, he's proved that the American Dream is alive and well."
Other New Yorkers honored on the list include Christina Aguilera, Scooter Braun, Perry Chen, Lena Dunham, Christopher Fabian and Erica Kochi, Jimmy Fallon, Elena Kagan, Jimmy Kimmel and Michael Kors.
President Barack Obama was honored for the eighth time -- more than any other person on the list.
New Jersey Gov. Chris Christie made the list for the second time.
Foroohar said his profile was written by 9-year-old Ginjer Doherty whose home was destroyed by superstorm Sandy.
"That was a particularly emotional pairing," Foroohar said. "This is something we try and do. It's not just about power or about being famous. We try to find influencers and also voices to write about them that are really at the center of the news."
Doherty wrote that Christie "told me not to worry -- that my parents would take care of everything -- and he looked very serious and sad, and he cried. He said he would be back to help our town.''
The issue hits stands Friday.
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