The 37-year-old, who has made more than 600 league appearances for the Red Devils, scoring 110 goals and picking up 12 Premier League titles, scooped the highest number of votes among the 10 nominees chosen by a jury.
Giggs pipped Inter Milan veteran Javier Zanetti to first place, with Anzhi Makhachkala's Cameroon striker Samuel Eto'o and Barcelona playmaker Xavi Hernandez completing the top four.
After receiving the award from H.S.H. Prince Albert II, Giggs left his footprints on Monaco's Champions Promenade 'Walk of Fame'.
Giggs, and his former Old Trafford team-mate David Beckham, initially made a list of 10 players shortlisted for the prestigious prize.
Goalkeepers Iker Casillas and Gianluigi Buffon, Barcelona defender Carles Puyol, Chelsea striker Didier Drogba and Schalke forward Raul were also in contention.
The Golden Foot award is an international career award for football players 29-years-old and over, who stand out for their sport results, their personality and for the esteem of the public and football experts.
The winner is decided by a jury consisting of the Golden Foot media partners' representatives and of the fans from all over the world who give their preferential vote.
NEWS:Giggs and Beckham in frame for Golden Foot
