German Chancellor Angela Merkel is the most powerful woman in the world, according to Forbesmagazine's annual list.
"Merkel continued to impress the world with her cool leadership at two back-to-back summits and stuck to her principles, getting G8 leaders to agree to significant cuts in carbon emissions, among other things," Forbessaid.
Chinese Vice Premier Wu Yi has risen to second place.
Forbessaid Ms Wu was a rising star in China's Communist Party, having hammered out trade agreements with Russia and overseeing the country's negotiations for accession to the World Trade Organization.
The magazine said the ranking is based on a composite of visibility - measured by press citations - and economic impact.
The biggest mover on this year's list was Ms Ho Ching - chief executive of Singapore state investment firm Temasek Holdings and wife of Singapore Prime Minister Lee Hsien Loong.
She jumped to third place from 36th last year, trumping US Secretary of State Condoleezza Rice, who fell from second to fourth place.