Obama, 47, will be inaugurated the 44th US president on January 20, 2009, and inherit an economy mired in the worst financial crisis since the 1930s, two wars in Afghanistan and Iraq and a nuclear showdown with Iran.

Television networks projected his victory over Republican John McCain after Senator Obama solidified traditional Democratic states and cut deep into the Republican territory which his rival needed to control to win the White House.

Obama’s historic inauguration will complete a stunning ascent to the pinnacle of US and global politics from national obscurity just four years ago and close an eight year era of turbulence under President George W. Bush.