Donald Trump will become the 45th US president after a stunning victory over Democrat Hillary Clinton.
The Republican said he would serve all Americans and called for the country to unite, following a divisive campaign which saw him beset by controversies.
Hillary Clinton is due to appear in New York for her first public statement since conceding to Mr Trump in a telephone call on Tuesday evening.
Outgoing President Barack Obama has congratulated his successor by phone.
Mr Obama invited Mr Trump to a meeting at the White House on Thursday to discuss the transition.
When Mr Trump is sworn in as president in January, he will have the benefit of a Republican majority in both houses of Congress, as the party unexpectedly retained control of both the Senate and the House of Representatives.
The Republican nominee defied pre-election polling to claim swing states, winning the key battlegrounds of Florida, Ohio and Pennsylvania.
The president-elect told cheering supporters that Americans must now “bind the wounds of division”, after a gruelling, acrimonious electoral battle.
“I want to tell the world community that while we will always put America’s interests first, we will deal fairly with everyone,” he said.
Global markets fell sharply at the news, but later recovered.
House Speaker Paul Ryan paid tribute to his fellow Republican, saying he had “turned politics on its head” and would lead a unified Republican government.
