AceShowbiz -

Bono, frontman of the Irish rock band U2, has been named as one of Persons of the Year by Time magazine. Also chosen for the same category is Microsoft billionaires Bill Gates and his wife Melinda Gates.

The three of them get the honor generally as recognition for their tireless work to alleviate poverty and lavish their charity on those less fortunate. Personally, Bono is honored for his Live 8 performance and mission to persuade the leaders of rich countries to drop the debt owed by the developing world.

Meanwhile, the Gates are praised for their creation of the Bill and Melinda Gates Foundation, which has quickly become the world's biggest charity. About them the magazine commented "For being shrewd about doing good, for rewiring politics and re-engineering justice, for making mercy smarter and hope strategic and then daring the rest of us to follow, Bill and Melinda Gates and Bono are Time's Persons of the Year."

Further it reads "Bono charmed and bullied and morally blackmailed the leaders of the world's richest countries into forgiving US$40 billion in debt owed by the poorest."