Lee Kuan Yew is The Straits Times' Asian of the Year 2015

The editors of the newspaper picked the late Lee, who died in March at age 91, as their choice from a crowded field for the annual award, now in its fourth year.

The city-state's prime minister for 31 years, Lee was widely respected as the architect of Singapore's prosperity, transforming it from a port city into a wealthy global hub.

The Straits Times Asian of the Year recognises an individual or organisation that has contributed significantly to improving lives either at home or in the wider neighbourhood.

The inaugural award, in 2012, went to Myanmar President Thein Sein.

The 2013 award was shared by Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe.

Last year, the editors picked India's Narendra Modi for the award.

The citation bestowing this year's award posthumously on Lee said: "Few Asians have made such an impact as Lee.

"His passing was a reminder of how big a role he played in steering and shaping modern Singapore.

"He was both a visionary and a radical thinker, and his views and policies laid the foundation for what Singapore stands for."

Lee, the citation added, played key roles in introducing policies and attracting investments that turned Singapore into a modern, economic success story.

"At the forefront of his policies was clean government and good governance, and his belief in a meritocratic, multi-racial and multi-religious society. He eschewed ideological positions or political correctness, and said often that he was guided in his political judgements by looking for 'what works'."

Warren Fernandez, editor of The Straits Times, who chairs the editorial board that picks the Asian of the Year, said: "Very few people in Asia have influenced their nations and their neighbourhood as Mr Lee did in his long years as national leader and international statesman.

"His passing galvanised his nation, reminding Singaporeans of the significance of the Jubilee year celebrations of their country's independence.

"The reaction abroad was just as moving, with a myriad of world leaders, as well as respected academics and commentators, expounding on how he had shaped their thinking on issues and contributed to their understanding of Asia and the world. This reflected the standing that Mr Lee had built up for himself, and Singapore.

Fernandez said Lee's ideas and principles endured long after he stepped down from office and would be for years to come.