Watch: Obama victory speech video
Barack Obama takes to the stage in a downtown Chicago park and declares to them and the rest of the world that "change has come to America".
"The road ahead will be long, the climb will be steep," Mr Obama warns, mixing a promise of progress and reconciliation with warnings of the challenges ahead. "We may not get there in one year or eve in one term but America tonight I have never been more certain that we will get there," he continued, triggering chants of ‘Yes, we Can’ – the signature slogan of his campaign – from his audience.
Watch Mr Obama's speech in full here: