Elba, who was revealed as the victor on Monday's The Tonight Show Starring Jimmy Fallon, follows in the equally sexy footsteps of previous winners including David Beckham, Mel Gibson and Dwayne "The Rock" Johnson.
"Being witness to the birth of my children is the biggest and best thing ever", says Elba, who has a 16-year-old daughter, Isan, and a 4-year-old son, Winston (both from previous relationships). "It was a nice surprise - an ego boost for sure." he said.
'I was like, "Come on, no way".
The London-born actor, 46, said he didn't believe it when the magazine told him. "Thank you so much People magazine for making me sexiest man in the world, I'm loving that", he said before bending his arm and flexing his bicep.
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He is also planning a wedding with his fiancee Sabrina Dhowre. "And my name was Idrissa Akuna Elba, OK?"
Last year American country singer Blake Shelton took the title.
Elba, who recently directed the film "Yardie", also told the magazine that as a kid he "got picked on a little bit", but when he got older and grew a mustache he was the "coolest kid on the block".
Elba shared the cover to the November 19th issue on Twitter. "Grew a mustache, had some muscles, bonkers".
No doubt the talented thespian - who has been considered to portray 007 James Bond - owes plenty of his success to living with as few regrets as possible. "I think everyone should adopt the philosophy that tomorrow is not promised so just go for it today, man".