Merkel is the world's most powerful woman (again) - Forbes Angela Merkel has topped the Forbes World's 100 Most Powerful Women list for the third consecutive year, finishing ahead of the likes of Dilma Rousseff, Melinda Gates and Michelle Obama. The German Chancellor was one of only two European women to make it into the top 10. US First Lady Michelle Obama is rated by Forbes as the fourth most powerful woman, compared to seventh last year, while Brazilian President Rousseff and philanthropist Melinda Gates are second and third respectively. Hillary Clinton remained in the top 10, ranked fifth, despite no longer holding the post of US Secretary of State. The 10th annual ranking sees 87-year-old Queen Elizabeth II, the oldest woman on the list, drop down the list from 26th to 40th place. According to Forbes, this year's index represents women who are pioneers in politics, business, media, humanitarian concerns, entertainment and the technology industry. It also features a number of women who are listed due solely to their wealth. All ranked by money, media presence and impact. Angela Merkel, German Chancellor 2. Dilma Rousseff, Brazil President 3. Melinda Gates, Co-Chair, Bill & Melinda Gates Foundation 4. Michelle Obama, US First Lady 5. Hillary Clinton, Former US Secretary of State 6. Sheryl Sandberg, COO, Facebook 7. Christine Lagarde, Managing Director, IMF 8. Janet Napolitano, US Homeland Security Secretary 9. Sonia Gandhi, President, Indian National Congress Party 10. Indra Nooyi, CEO PepsiCo More about: Angela Merkel, Dilma Rousseff, Hillary Clinton, Queen Elizabeth II, USA