Forbes magazine ranked German Chancellor Angela Merkel the most powerful woman in the world for the second year in a row in the annual list dominated by politicians, businesswomen and media figures.
US Secretary of State Hillary Clinton placed second, followed by Brazilian President Dilma Rousseff, making the top three spots unchanged from last year.
First Lady Michelle Obama was seventh on the list but the showbiz stars were not far behind, with Lady Gaga, Beyonce, Jennifer Lopez and Shakira also among those named by Forbes.
Michelle Obama, Lady Gaga and German Chancellor Angela Merkel: all named on Forbes list of most powerful women.
TV mogul Oprah Winfrey was at No.11 and 26-year-old Gaga (the youngest in the list) at No.14, while Beyonce landed at No.32, and Lopez and Shakira were ranked at 38 and 40, respectively.
The women were ranked according to influence, the amount of money they control or earn, and media presence.
"These power women exert influence in very different ways and to very different ends, and all with very different impacts on the global community," said Moira Forbes, president and publisher of ForbesWoman.
The magazine noted Merkel's resolve in preserving the European Union and her influence over the euro zone's ongoing debt crisis.
Clinton was applauded for her handling of crises such as the release of a trove of diplomatic cables by the anti-secrecy group WikiLeaks.
Forbes cited Rousseff for her leadership of the world's eighth-largest economy and approval ratings within her country.
Three Australian women appeared on the list this year with Prime Minister Julia Gillard taking out the highest ranked position at 27th on the list, just one place behind Queen Elizabeth II.
Mining magnate Gina Rinehart, the executive chairman of Hancock Prospecting, ranked 35th with Westpac CEO Gail Kelly in 60th position.
The magazine reported Ms Gillard oversees a population of 22 million and a GDP of $926 billion. It described her by saying, ''the Labor Party leader, who became an Australian citizen in 1974, has struggled with rising energy bills and illegal immigration''.
Rinehart was described as a ''political powerhouse, publicly lobbying against mining and carbon taxes and pushing to relax Australia's immigration policies''.
The average age of the 100 power brokers from 28 countries was 55. They had a combined 90 million Twitter followers, Forbes said. The Queen was the oldest on the list at age at age 86.
Also in the top five were Melinda Gates, co-chair of the Bill & Melinda Gates Foundation and wife of Microsoft Corp co-founder Bill Gates, and Jill Abramson, executive editor of the New York Times.
Sonia Gandhi, president of the Indian National Congress, followed at No. 6. U.S. First Lady Michelle Obama, who had topped the list in 2010, was No. 7.
Anna Wintour, the most infamously icy name in fashion, was not, according to Forbes, the most powerful, coming in at number 51 on the list. That gong went to American designer and head of the CFDA, Diane von Furstenberg, in 33rd spot.
Joining them is supermodel Gisele Bunchen who in 83rd position was one of the list's youngest names. At the age of 32, the Brazilian beauty is said to have amassed a fortune of US$45million, having recently topped Forbes' highest paid model list.
Newcomers to the list were actress and performer Jennifer Lopez and billionaire philanthropist and widow of Apple founder Steve Jobs, Laurene Powell Jobs.
Republican U.S. Representative of Minnesota and former White House hopeful Michele Bachmann was among 21 women who fell off the list this year.
Christine Lagarde, managing director of the International Monetary Fund, was No. 8. The former French cabinet minister has been on the list since it began in 2004.
"So many of these women are in policy or political roles, and their influence ... is only growing so it's not surprising that someone like Merkel or Clinton would continue to be present on the list year to year," Forbes said.
The full list is here.