Draghi is the only Italian on the annual list in what is his third time, previously as European Central Bank boss and now as the prime minister of Italy.
The final list of individuals is chosen exclusively by editors at TIME which says the people included range from “pioneers, leaders and titans to artists, innovators and icons”.
“Mario and the ECB helped stabilise the European economy,” US Trade Secretary Janet Yellen said in her profile of Draghi for TIME.
“At the time, I was at the Federal Reserve and felt particularly grateful to have a partner like Mario across the Atlantic, someone with deep expertise and a steady demeanor.
“Now the US is grateful to have Mario as a partner once again, this time as Italy’s prime minister.
“Mario is guiding his nation through the pandemic with a deft hand, championing a swift vaccination campaign and relief measures to help Italian businesses and workers.
“It’s been nine years since his famous speech, but Mario’s ‘do whatever it takes’ approach is more relevant and inspiring than ever.”
The 18th edition of the list includes Prince Harry and Duchess Meghan, WTO director general Ngozi Okonjo-Iweala, gymnast Simone Biles, Apple CEO Tim Cook and country music star Dolly Parton.