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Bill and Melinda Gates, along with U2 rocker Bono, have been named “Persons of the Year” by the Time magazine, reported c|net.

The honour came for the Gates couple due to their humanitarian work around the globe with Gates Foundation which is the world’s biggest charity organisation worth $29 billion. Managing Editor of Times, James Kelly, elaborated that the three were chosen as they were most effective in eradicating calamities like Malaria, HIV & AIDS and poverty which kills about 8 million people a year. Also honoured were two former US Presidents, George Bush and Bill Clinton, as “Partners of the Year” for their humanitarian work after Tsunami and Hurricane Katrina.

Bono was instrumental in having the debts of the poorest countries cancelled which they owed to the richest countries and making the industrialised nations agree on doubling the aid to poor countries by 2010 by adding $50 billion per year.