The Manchester United great was given a trophy at a glittering ceremony by Prince Albert II of Monaco on Monday night after winning a vote on the competition's website.
Giggs beat fellow nominees David Beckham, Didier Drogba, Samuel Eto'o, Iker Casillas, Gianluigi Buffon, Javier Zanetti and Carles Puyol to the award.
Best foot forward: Ryan Giggs poses with his latest prize in Monaco
Afterwards the 37-year-old, in his 20th season at Old Trafford, paid tribute to the club and his long-standing boss, Sir Alex Ferguson.
'I have been fortunate to play alongside great players, play for the greatest manager and play for the best club in the world,' said Giggs at the cermenony.
All-star cast: Giggs makes his mould
'When we lose he is scary but Sir Alex is hard but fair. He demands a lot from his players, as he does from himself. He is the best manager and it's great to have had him there throughout my career.'
The gong is only given to players over the age of 29, and can be won just once. Past winners of the award include Roberto Baggio, Andriy Shevchenko, and Brazil legends Ronaldo and Roberto Carlos.
Giggs added: 'It's a great honour to win such an award and to have my footprints alongside some of the greatest football players is a real privilege.
'I suppose I will have to start thinking about retirement soon but at the moment I am still enjoying my football. If it all finished tomorrow I could say that I have had a fantastic career and wouldn't swap it with anybody.
'I'm enjoying it now just like I was when I was 17, that's one of the main reasons I'm still going.'
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