United States (US)  former president Barack Obama on Wednesday congratulated Donald Trump on his election victory, citing the importance of a peaceful power transfer.

This is after Trump was elected the 47th president of the United States, a stunning political resurrection that has sent shockwaves through America and around the world.

Trump becomes the first convicted criminal to win the White House and the oldest person ever elected to the office at 78.

"This is obviously not the outcome we had hoped for. But living in a democracy is about recognizing that our point of view won't always win out, and being willing to accept the peaceful transfer of power,” Obama said in a statement.

Further, the former president voiced pride over the efforts of Vice President Kamala Harris and her running mate Tim Walz, who were soundly beaten in the election.

Obama called them "two extraordinary public servants who ran a remarkable campaign."