Angela Merkel, the German Chancellor, toping the list held on to her title as the world's most powerful woman, while Michelle Obama and HIllary Clinton didn't even make the top 30.
Merkel headed Forbes magazine's new list of powerful women for the fourth year running. Tthe magazine highlighted her role as leader of the huge German economy and her likely re-election in September.
Reflecting the world's focus on recession and the struggle to keep the financial markets afloat, Merkel was followed almost exclusively by businesswomen.
In second place came Sheila Bair, chairman of the Federal Deposit Insurance Corp, which insures US banks.
Third was Indra Nooyi, chief executive at PepsiCo, then Cynthia Carroll, the chief executive of mining giant Anglo American, and Ho Ching, chief executive at Singapore's government investment company Temasek Holdings.
Hillary Clinton slipped from 28 last year, when she was close to winning the Democratic presidential nomination to 36, despite heading the powerful US State Department. Michelle Obama came into the list for the first time. Although she has the ear of Barack Obama, the US president, around the clock, she ranked only 40.
Below her, at 42, came the Queen.
The top 10:
1: Angela Merkel, chancellor. Germany
2: Sheila Bair, chairman, Federal Deposit Insurance Corp. US.
3: Indra Nooyi, chief executive, PepsiCo. US.
4: Cynthia Carroll, chief executive, Anglo American. UK.
5: Ho Ching, chief executive, Temasek Holdings. Singapore
6: Irene Rosenfeld, chief executive, Kraft Foods. US.
7: Ellen Kullman, chief executive, DuPont. US.
8: Angela Braly, chief executive, WellPoint. US.
9: Anne Lauvergeon, chief executive, Areva. France
10: Lynn Elsenhans, chief executive, Sunoco. US.
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