Technology whiz kids Nick D'Aloisio, 18 and Ionut Budisteanu, 19, also make the list. D'Aloisio sold his news-reading and summarizing app 'Summly' to Yahoo in March for USD 30 million.
"When Yahoo CEO Marissa Mayer decides to buy your app for USD 30 million, you know you're doing pretty well. When you're only 17 at the time, 'doing pretty well' is an understatement," Time said.
Budisteanu's claim to fame is his design for a low-cost, self-driving car which won first place and USD 75,000 at the Intel International Science and Engineering Fair for high school students in May.
A student in Romania, Budisteanu used artificial intelligence technology and a mounted camera on the car to identify traffic lanes, kerbs, cars and even people.
Newly-elected New York Mayor Bill de Blasio's 16-year-old son Dante also makes it to the list. Time said the teenager is New York City's "latest fashion icon" thanks to his afro hairdo, which even gained President Obama's attention. The President said de Blasio junior has the same hairdo that he himself had in 1978 and confessed that "my Afro was never that good".